Governor Doug Ducey signed House Bill 2191 today, authorizing $2.5 million a year for the next four years into the Angel Investor Tax Credit program for capital infusions into early-stage startup companies. The Arizona Technology Council and its Public Policy Committee were successful in gaining support for the bill by rallying Arizona’s technology community and leading efforts to lobby for recapitalization.
“The recapitalization of the Angel Investor Tax Credit program has been a top priority for the Council since the original $20 million in tax credits ran out in 2015,” said Steven G. Zylstra, president and CEO of the Arizona Technology Council. “The initial program showed a direct return on investment of more than 2.2 to 1 in tax revenue. Today’s signing is a major success for our startup technology community and reinforces that Arizona is open for business.”
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