Supporters of creating a so-called “Angel Investment” tax credit in Missouri testified in favor of legislation Wednesday before a State Senate committee.
Senate Bill 91 would provide incentives to wealthy investors, dubbed “Angels,” who are looking for start-up opportunities, preferably in high-tech and Internet-based businesses. Kansas City Mayor Sly James was one of several witnesses hoping to persuade committee members to approve the bill.
“Every other state that surrounds the state of Missouri, other than Tennessee, offers this program," James said. "Whether you’re in St. Louis or Springfield or Hannibal, wherever entrepreneurs are, the state nearest you outside of this state is offering something that we don’t have.”
A vote on the bill is expected later. Meanwhile, the sponsor, Minority Floor Leader Jolie Justus (D, Kansas City and Callaway County), also had the Angel Investment language added to the wide-ranging tax credit billthat won first-round approval early Wednesday morning in the Missouri Senate. That version contains a six-year sunset and caps incentives at $6 million a year. Justus says those provisions will also be added to the stand-alone version of the bill.