OEDIT: Advanced Industry Investment Tax Credit applications available beginning on Sept. 5

By: InnovatioNews Tuesday September 2, 2014 0 comments Tags: angel investing, Colorado OEDIT, Denver, Jeff Kraft

 

DENVER - The Colorado Office of Economic Development and International Trade (OEDIT) announced the online application process for the Advanced Industry Investment Tax Credit will be available beginning at noon on Sept. 5.

The Advanced Industry Investment Tax Credit is designed to simulate private sector capital formation by rewarding local investors for taking equity stakes in startup companies with high-growth potential.

The program targets tech sectors with a strong presence in Colorado and is complementary to the $12.5 million Advanced Industry Acceleration grants awarded annually.

"Angel investments are critical ingredients that fuel innovation and new business creation in technology-driven sectors like the Advanced Industries," said Jeff Kraft, OEDIT's director of business funding and incentives.

Qualified investors who make qualified investments on or after July 1, 2014 in qualified small business in one of seven advanced industries may be eligible for the Colorado state income tax credits. The credits will be awarded on a first-come, first-served basis based on the time their applications are received.

During calendar year 2014, up to a total of $375,000 in credits may be awarded.

The seven eligible advanced industries are: advanced manufacturing, aerospace, bioscience, electronics, energy/natural resource and cleantech, infrastructure engineering and technology and information.

To apply for the tax credit, both investors and investee companies must set up an account with OEDIT.

For more information, visit www.advancecolorado.com/aitc.