H.R. 2803, The Angels Nurture Growing Entrepreneurs into Long-term Successes (ANGELS) Act

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on September 10, 2007, 18:19:53, by webmaster:

H.R. 2803 would amend the Small Business Investment Act of 1958 to establish the Angel Investment Program.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 6/21/2007: Referred to House committee. Status: Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)

« Return to Revision History.