It’s been a while since I have posted on this blog, but I kept it alive for occasions such as this…
2006 An initial draft of a Georgia Angel Tax Credit bill is created. The bill is drafted by researching and reviewing active laws, in particular North Carolina and Virginia.
2007 A tax credit bill is dropped in the Georgia House of representatives during the 2007 General Legislative Session by Representative Chuck Martin and becomes House Bill 435. It is a “stand alone” tax credit bill and is sent to the House Ways and Means Committee within the House of Representatives. It remains in the House Ways and Means committee for the remainder of the 2007 Legislative Session.
2008 The Georgia Angel Tax Credit bill remains on the books for the 2008 Legislative Session, but the emphasis within the Atlanta community in 2008 is the Alternative Pension fund bill (SB 80 at the time, I believe). However, House Bill 1196 is quietly passed into law which gives a 25% tax credit only to limited partners within the Georgia Research Alliance Fund. The GRA fund is also seeded with taxpayer funds of between $7,000,000 and $10,000,000, I believe.
2010 A “stand alone” bill is dropped in the House of Representatives during the 2010 Legislative Session by Representative Chuck Martin and becomes House Bill 1001. House Bill 1001 is a bill solely for the passage of a Georgia Angel Tax Credit . It is sent to the House Income Tax Subcommittee within the House of Representatives. Also during the Session, Angel Tax Credit language is added to House Bill 1023, sponsored by Representative Tom Graves. Separately during the 2010 Legislative Session, House Bill 1219, sponsored by Representative David Knight, is introduced. House Bill 1219 is a “stand alone” bill that would eliminate the low income tax credit. Subsequently, House Bill 1023 is passed by the House and the Senate. House Bill 1001 remains in the House Income Tax Committee and does not pass out of the House of Representatives. During the last days of the 2010 Legislative Session, the Senate asks that the original Angel Tax Credit language be added to House Bill 1069. House Bill 1069, sponsored by House representative Joe Wilkinson is a tax credit bill related to energy and water appliances. Separately, the House asks that the language of House Bill 1219 be added to House Bill 1069 in order to pass the language before Sine Die. (The language of House Bill 1219 was not added to House Bill 1069 to offset the angel tax credits. Any suggestion or implication that this was done so is erroneous and false.) Additionally, other language regarding a municipal option sales tax is added to House Bill 1069 at the request of the City of Atlanta. House Bill 1023 is vetoed by the governor after the end of the Session. House Bill 1069 passes both the House and the Senate, is signed by Governor and becomes law on June 4, 2010.
Georgia has a long and successful history of angel investors and angel investments. From Imlay Investments to the Communications Group to the Atlanta Technology Angels—angels have been active in the state of Georgia for two decades. I would encourage the communities of Georgia to focus on helping make the angel investors, and the Georgia companies they help fund, successful.
Some Supporters of the Georgia Angel Tax Credit (Section 2 of HB 1069)
Georgia Chamber of Commerce
Metro (Atlanta) Chamber of Commerce
Gwinnett Chamber of Commerce
Georgia Public Policy Foundation
Georgia Game Developers Association
Georgia Economic Developers Association
Technology Association of Georgia
The National Federation of Independent Business
…and hundreds, if not thousands, of entrepreneurs and local investors that took time to send their support to the state government during the legislative session.