Last Friday, Democratic Assemblymember Micah Kellner proposed a new tax credit to incentive investing in local startups–an area of particular interest to Mr. Kellner, whose district includes Roosevelt Island, the future home of Cornell and Technion’s applied sciences campus designed to unleash an army of developers and untold number of startups into the five boroughs.
The Angel Investor Tax Credit, which Mashable reports is currently under discussion in the New York State Assembly, would give 25 percent tax credit to investors who invest between $25,000 and $1 million in a New York City-based startup. In order to qualify, 60 percent of the startup’s employees must be based in New York. According to Mr. Kellner, similar incentives in Connecticut and Wisconsin, have seen boosts in angel investments of up to 500 percent over five years. Read More