This month, Kentucky went from having no individual angel tax credit to boasting one of the nation's most aggressive angel tax credit programs.
The program is critically important to Northern Kentucky organizations like UpTech and bioLOGIC, which are supporting technology and life science companies.
Reported the Cincinnati Enquirer:
"We had to give these folks access to capital to purchase materials, hire new employees, and build out the rest of their products," said Adam Caswell, vice president for public affairs at the Northern Kentucky Chamber of Commerce and an UpTech co-founder. "The angel tax credit was Priority One."
Under the new program, individuals who make qualified investments can claim a 40 percent state tax credit. The credit is 50 percent in counties struggling to add jobs and grow. Out-of-state individuals who invest in Kentucky startups can also sell their credit to Kentucky residents.
The program takes effect on Jan. 1, 2015. Read the full story here.