The Nebraska Department of Economic Development has outlined implementation steps for the new Angel Investment Tax Credit Program.
Investors can start applying for certification to be eligible for a 35 percent to 40 percent refundable state income tax credit for investment in certified Nebraska startups. The bill goes into effect Sept. 1.
The Angel Investment Tax Credit Program is part of the Talent and Innovation Initiative supported by Gov. Dave Heineman and approved by the Legislature this year. The package of bills aims to improve the state's economic climate for entrepreneurs, inventors and small businesses and as the governor has said, "put a laser-like focus on growing Nebraska's innovation economy,"
The tax credit program encourages high-risk investments in high-tech and other start-up enterprises by providing refundable state income tax credits. Up to $3 million a year in credits are offered for minimum investment of $25,000 for individuals and $50,000 for investment funds.
The program is intended to attract $7.5 to $8.5 million annually in new private equity investments to high-tech startups.
To qualify, certified individual investors must invest at least $25,000 per year. Certified investment funds must invest a minimum $50,000 per year and include at least three investors.
Qualified small businesses are those based in Nebraska with 25 or fewer employees at the time of investment (51 percent of employees must work in Nebraska).
Qualified high-technology fields include, but are not limited to: aerospace; agricultural processing; renewable energy, energy efficiency and conservation; environmental engineering; food technology; cellulosic ethanol; information technology; materials science technology; nanotechnology; telecommunications; biosolutions; medical device products; pharmaceuticals; diagnostics; biological; chemistry; veterinary science; and similar fields.
To access the guidelines and application forms, visit here.
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