H.R.2803 - Angels Nurture Growing Entrepreneurs into Long-term Successes (ANGELS) Act110th Congress (2007-2008)
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-12] (Introduced 06/21/2007)|
|Committees:||House - Small Business; Ways and Means|
|Latest Action:||House - 06/21/2007 Referred to House Ways and Means (All Actions)|
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Summary: H.R.2803 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (06/21/2007)
Angels Nurture Growing Entrepreneurs into Long-Term Successes (ANGELS) Act - Amends the Small Business Investment Act of 1958 to establish within the Investment Division of the Small Business Administration (SBA) the Office of Angel Investment, headed by a Director, to provide support for the development of angel investment opportunities for small businesses.
Requires the Director to: (1) establish and carry out a program, to be known as the Angel Finance Program, to provide financing to approved angel groups; (2) establish and maintain a searchable database, to be known as the Federal Angel Network, to assist small businesses in identifying angel investors; and (3) establish and carry out a program to make grants for the development of new or existing angel groups and to increase awareness and education about angel investing.
Amends the Internal Revenue Code to provide a small business investment tax credit of 20 percent of the amount paid or incurred for qualified small business investment.