A measure to reinstate Louisiana's Angel Investor Tax Credit Program was passed in the recently completed legislative session and is on its way to Governor Bobby Jindal to sign into law. The Greater Lafayette Chamber of Commerce and other economic development entities joined together to lobby for the passage. H.B. 597 offers early-stage investors a 35% rebate on money invested in qualified companies with high growth potential.
According to Chamber Vice-Chairman of Innovation, Bob Miller, passage of this legislation is an important component to building an eco-system for new businesses. "The Chamber is committed to doing its part to encourage entrepreneurs. By advocating passage of this tax credit bill, the Chamber stepped up in Baton Rouge for its members and its potential members, said Miller.”
The incentive program is designed to encourage investors to assist in the creation of new jobs. It was in place from 2005-2009. During that time, 94 companies across the state received more than $61 million in angel investments from 686 investors.
"Access to funding is a huge issue for start-up companies. These entrepreneurs have ideas, but need capital to advance those ideas to marketable products. By renewing the Angel Investor Tax Credit Program we are truly creating jobs, stated Chamber President/CEO, Rob Guidry.
Guidry, Miller, and FiberCorp leader Geoff Daily testified in support of this legislation during the recent session at the state capitol. They teamed up with the Lafayette Economic Development Authority, the Opportunity Machine in Lafayette, Baton Rouge Area Chamber, Greater New Orleans, Inc., and other members of a coalition to pass the bill.
"Lafayette is a leader in building the 21st century Internet. Angel investments are paramount to this process,” said Daily. "It is critical to our economic future.”
"We want to thank all members of the local legislative delegation for their support. All House and Senate members voted to back the bill,” added Guidry. "They get it!”
