Hartford Business Journal

www.HartfordBusiness.com • July 15, 2019 • Hartford Business Journal 7 ministers the angel tax credit program. CI data show that more than 200 companies have received qualified angel investments since the program was created, with $18.9 million in tax credits issued over that period. The credit amounts to 25 percent of the cash investment made by an ac- credited investor in eligible in-state companies, with eligible investments ranging between $25,000 and $250,000 per investor. Companies must pre-qualify through CI. As of press time, there were 74 com- panies eligible for the credits. Growing appeal The state's recent extension and more gener- ous funding of its angel investor tax credit could lead to greater invest- ment activity in the years ahead, experts say. But those changes are also the latest in a chain of several recent develop- ments that have made the tax credit program more attractive, and increased competition for the available credits. Tweaks to the law over the past few years have made it possible for inves- tors (like those who live outside Con- necticut) to sell or assign to in-state residents the credits they earn from in- vesting in Connecticut-based startups. Lawmakers also eased qualification rules making more companies eligible for investment. The changes appear to have made a difference, as investment totals ramped up this year, meet- ing the annual cap for the first time ever (the cap used to be higher, however), accord- ing to CI. In addition, the number of com- panies receiving qualified angel investments this year, 32, is the highest its been since 2014, which was the last year the cap was set at $6 million. "There is a demand, and I think part of that is there are a lot of new start- ups in Connecticut," Rooke said. FOCUS PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Hartford Regional Fire School | Windsor Locks, CT PDS Engineering & Construction served as General Contractor for the construction of a new maintenance facility and three-story burn building at the Hartford Regional Fire School. The facility offers up to date, safe training and serves as a coordination point for all county training activities. Project Features: - 7,000 SF maintenance facility - 5,300 SF burn building - Heavy concrete Total Project Size: 12,300 SF 107 Old Windsor Road, Bloomfi eld, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: H S PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD Our products, services and team approach were designed with your growing needs in mind. Visit chelseagroton.com/growthatbusiness or call 860-448-4203 to learn how we can grow that business of yours together. • BUSINESS BANKING • COMMERCIAL LOANS • TREASURY MANAGEMENT SOLUTIONS We're in the business of building dreams. Defining terms Connecticut law defines an angel investor as an accredited investor or network of accredited investors who review new or pro- posed businesses for potential investment. The U.S. Securities & Exchange Commission defines accredited investor as anyone who: • Earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, or; • Has a net worth of more than $1 million, either alone or together with a spouse (excluding the value of a primary residence). Thirty-two Connecticut companies received money from an angel investor so far this year, according to Connecticut Innovations. Among them are (clockwise from top) Farmington- based Cytoveris, Hartford's Enviro Power, and New Haven's The Feel Good Lab. PHOTOS | HBJ FILE

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