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This week at the State House, three different legislative panels debated the merits of reauthorizing the Anger Investor Tax Credit. This is a Chamber priority issue because funding is a challenge for many start-up companies, which often don’t qualify for typical business loans. This legislation improves our entrepreneurial ecosystem by reauthorizing and expanding an existing tax credit to those willing to invest in early stage companies.
On Tuesday, Patrick Bryant, Charleston Metro Chamber Chairman Emeritus, traveled to Columbia to testify before a Senate Finance Subcommittee in support of renewing the Angel Investor Tax Credit. Along with other entrepreneurs from Columbia and Greenville, Patrick made the case that Angel Investment is having a major economic impact on South Carolina. Here are some numbers:
Since the inception of the act in 2013:
- $175,837,118 in capital has been raised
- 238 qualified businesses have been funded
- 661 full-time jobs and 208 part-time jobs have been created
- Full time jobs created averaged a salary of $60,230
It’s clear this tax credit is working. On Tuesday, the Senators on the subcommittee unanimously gave a favorable report, moving the bill to the full Senate Finance Committee. On Wednesday, Senate Finance took up the legislation and quickly gave a favorable report. Angel Investor Reauthorization now moves to the floor of the Senate.
Thanks to the Lowcountry members of Senate Finance for their support. If you see Senators Larry Grooms, Paul Campbell or Sean Bennett over the weekend thank them for their support moving this important legislation forward.
On the House side, Representatives Daning, Sottile, and Stavrinakis have all sponsored the House version of Angel Investor Tax Credit reauthorization. With the House the Ways and Means Committee set to take up the issue next week, the pathway to passage this session looks promising.
Senior Vice President of Government Relations
Follow Ian on Twitter @IanScott843