Date: Feb 06, 2015 Author: Rachel Aretakis Source: bizjournals (
click here to go to the source)
In the first month of the new Kentucky Angel Investment Tax Credit program, more than $2.8 million has been pledged for investment in 12 Kentucky businesses. This makes investors eligible for $1.1 million in tax credits.
Kentucky angel investors already are eligible for more than a third of the state's $3 million in allotted tax credits for 2015.
The state reports that in the first month of the Kentucky Angel Investment Tax Credit, 40 individual investors have pledged more than $2.8 million for 12 Kentucky businesses. These investors now can receive $1.1 million in tax credits through the program, according to a news release.
The tax credit differs from past programs because individual investors now can receive tax credits for investing in Kentucky businesses; in the past, credits were available for groups of angel investors with fund managers. Individuals are eligible for up to 50 percent tax credit for investments in "enhanced" counties, which have high unemployment rates. In all other counties, they can receive a tax credit for 40 percent of their investment. (A map of enhanced counties is available here.)
See Also
State tax credit now available for angel investors
Greater Louisville Inc. fund looks to invest $4.65 million in Kentucky companies
Below are the 12 companies (five of which are from the Louisville area) that have received investment so far, according to the Jan. 29 Kentucky Economic Development Finance Authority agenda. For a detailed list of companies, investor names and investment amounts, click here.
3DLT LLC of Kenton County
Alkymos Inc. of Fayette County
Beach Front Energy Holding Company LLC of Jefferson County
Braxton Brewing Company LLC of Kenton County
Dental Exchange Inc. of Jefferson County
Healthcare Asset Network Inc. of Oldham County
Hera Testing Laboratories Inc. of Fayette County
Lunacy Productions LLC of Jefferson County
MEP Equine Solutions LLC of Fayette County
NX Prenatal Inc. of Jefferson County
Tier 1 Accelerated Health LLC of Kenton County
Vindico NanoBio Technology Inc. of Fayette County
In total, the state has allotted $40 million in tax credits to both the Angel Investment Tax Credit program and the Kentucky Investment Fund Act. Eacj year, the angel investment program cannot exceed $3 million in tax credits, and individual investors cannot exceed $200,000 in tax credits.
In addition to list above, here is a full list (so far) of small businesses that have been qualified for investment under the Kentucky Angel Investment Act. Note that three additional companies from Jefferson County are listed here, which are not included in the list above.
Rachel Aretakis covers technology, media and entrepreneurism, and she coordinates Louisville Business First's social media.
