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News & Press: Colorado Technology Industry

OEDIT Announces Timeline for Implementation of Advance Industry Investment Tax Credit

Monday, July 07, 2014   (0 Comments)
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OEDIT Announces Timeline for Implementation of Advance Industry Investment Tax Credit

DENVER - Thurs., July 3, 2014 -The Office of Economic Development and International Trade (OEDIT) today announced that the online application process for the Advanced Industry Investment Tax Credit is expected to be available in early September 2014.

"Angel investments are critical ingredients that fuel innovation and new business creation in technology driven sectors like the Advanced Industries," said OEDIT's Director of Business Funding and Incentives Jeff Kraft. "This Advanced Industry Investment Tax Credit is designed to stimulate private sector capital formation by rewarding local investors for taking equity stakes in start-up companies with high growth potential. The program targets technology sectors with a strong presence in Colorado and is complementary to the $12.5M per year Advanced Industry Acceleration grant program."

Per the new legislation, qualified investors who make qualified investments on July 1, 2014 or later in qualified small businesses in one of the seven Advanced Industries (Advanced Manufacturing, Aerospace, Bio-Science, Electronics, Energy/Natural Resources and Cleantech, Infrastructure Engineering, Technology and Information) may be eligible for Colorado State Income Tax Credits. Investors have up to 90 days after they make their investments to apply to OEDIT for receiving the credit. This means that investors who make investments on July 1, 2014 would have untilSeptember 30, 2014to submit their completed applications to OEDIT. Credits will be granted on a first come first serve basis to qualified applicants based on the day and time their applications are received. During the calendar year 2014, up to a total of $375,000 in credits may be awarded.

The online application is expected to be available in early September 2014. To ensure that all potential applicants have an equal opportunity to apply, OEDIT will announce the day and time the application will be available the week before the application goes live. At that time, further information will be available at www.advancecolorado.com/funding-incentives/financing.



FOR IMMEDIATE RELEASE

Office of Gov. John Hickenlooper

Office of Economic Development
andInternational Trade

Kathy Green,303-892-3840

kathy.green@state.co.us


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