NYC Bill Could Give Tax Break
New York City is home to thousands of small businesses. Startups in the Big Apple may soon have an easier time raising money.
The Angel Investor Tax Credit would give a tax break to investors of startups. If the bill passes investors who put $20,000 to $1 million into a New York City startup will receive at 25% tax break.
“We have great success investing in companies in New York, and we don’t want companies going elsewhere because they want competitive tax credits,” said Democratic Assemblymember Micah Kellner. “The last thing I want is the next Twitter or Facebook being developed in New York, only to be commercialized and have their company headquarters end up in Connecticut. [Startup jobs] are good jobs and I want them here in New York.”
Small businesses are a crucial part of the economy across the country. The Angel Investor Tax Credit shows that some government officials recognize how important small businesses are and are ready to make legislation to help startups. Talk to your government representative about similar legislation in your area!