The Delaware BioScience Association (Delaware Bio) applauded the Job Creation and Innovation Act for Small Technology Companies that is expected to pass Gov. John Carney’s desk this month.
The bill establishes a 25 percent tax credit of up to $125,000 for angel investors that support early-stage companies engaged in innovative technology or scientific work. With over 25 states offering similar tax credits, the industry group touts the bill as necessary to attracting and retaining new talent and jobs.
“As advocates for the bioscience community, we are thrilled with the creation of the angel investor tax credit,”said Helen Stimson, president and CEO of Delaware Bio. “The First State has one of the most robust R&D tax credits in the nation. When you consider the federal R&D tax credit and the angel investor tax credit, Delaware entrepreneurs can now access a true trifecta of benefits.”
J. Michael Bowman, president of Delaware Technology Park and founder of DTP@STAR, said, “I have witnessed the remarkable ingenuity of Delaware’s scientific entrepreneurs who dedicate themselves to R&D in the pursuit of discovery. The angel investor tax credit is a much welcome addition to the portfolio that Delaware offers to help these companies flourish.”