Silicon Prairie News

Legislature adjourns for day without decision on Angel Tax Credit Act

Lincoln March 7, 2011 by Michael Stacy

The Nebraska legislature discussed the Angel Investment Tax Credit Act (LB 389) today but adjourned at noon without any decision regarding the bill, which would create the state's first angel investment tax credit for investments of more than $25,000 for qualified individuals and $50,000 for qualified funds.

Tom Chapman, the director of innovation and entrepreneurship for the Greater Omaha Chamber of Commerce and a proponent of the bill, said this morning he remained optimistic that the bill would pass despite taking longer to do so than some expected it would late last week.

The general tenor of today's discussion was in favor of passing the bill, although some concerns were raised about it — most notably that the tax credits favored economic activity in Douglas, Sarpy and Lancaster counties.

The legislature reconvenes at 9 a.m. Tuesday, and the bill is at the top of the agenda.

To learn more about the Angel Investment Tax Credit Act, see our previous posts on the topic:

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