ACA State Public Policy

Several states have instituted tax credit programs for angel investors. Below are a few papers and analysis of the programs. Please visit the Existing State Programs page for links to relevant Web sites for individual states, often with links to the applications or forms needed to participate. Please note that the programs are very different by state, with a wide variety of details involved. It should also be noted that most of the tax credits are on income, and because some states do not have income tax, the credits would not work in every state.

Specific questions about individual state tax credit programs should be directed to the states, using contact information included in Web links. If you are aware of additional materials or states that should be included on this page, please contact Marianne Hudson or Public Policy Committee Chair Dan Rosen.

Overview and Analysis

State Tax Credit Incentives for Equity Investments: A Survey of Current Practices
Community Development Venture Capital Alliance
July, 2004

Matrix of States Offering Angel Investment Tax Credits
Angel Capital Education Foundation (from paper by Ezugo Nwosu, Carnegie Mellon University)
April, 2010

Angel Investment: State Strategies to Promote Entrepreneurship and Economic Growth
National Governors' Association and Kauffman Foundation
January, 2008

Tax Credits and Government Incentives for Angel Investing in Various States
Angel Capital Education Foundation (paper by Jeffrey Williams, Belmont University)
July, 2008