Applications open for Angel Investor Tax Credit program

TOPEKA, Kan. (WIBW) - Applications have opened for the Kansas Angel Investor Tax Credit program.

Governor Laura Kelly says applications are being accepted for Kansas startups looking for investments through the Kansas Angel Investor Tax Credit program for 2021. She said through bipartisan Senate Bill 66, the Angels program has been extended until 2026.

“Paired with our pro-business environment and talented workforce, the Angels program will help Kansas recruit dynamic startups to strengthen our growing economy,” said Governor Laura Kelly. “This program will allow Kansas to compete with every state in the nation to attract new businesses, industries, and families. I want to thank the Kansas Department of Commerce and the Legislature for supporting this bipartisan initiative.”

According to Gov. Kelly, the program offers Kansas income tax credits to those that invest in new Kansas businesses. She said eligible entrepreneurs include those engaged in the development, implementation and commercialization of new and innovative technologies, products and services.

Gov. Kelly said the KAITC program is administered by the Kansas Dept. of Commerce and has been designed to encourage investments in new and innovative Kansas startups. She said S.B. 66 extended the program for five years. Important updates have also been made, including credit investment amounts, increased budget appropriations and more.

“As we know from the Framework for Growth, innovation is a vital component in building the economy of the future, and it’s an aspect we can’t ignore,” Lieutenant Governor and Commerce Secretary David Toland said. “I’m grateful to Governor Kelly and to our partners in the Legislature for seeing the limitless potential in the Angels program. If you’re looking to create the next big thing, we want you to do it here – and we have this tool to help you make it happen.”

“By ensuring tools such as the Angel Investor Tax Credit are available, we are sending a clear message to the start-up community that Kansas supports innovation and collaboration,” Kansas Representative Stephen Owens said. “Our goal is your goal, to grow strong Kansas companies. I look forward to continuing to work with the Commerce Department and the Kansas Legislature on additional new tools to further bolster growth in entrepreneurship in the next session.”

“I’m excited to see that we’re going to keep investing in this program,” Kansas Senator Robert Olson said. “Angels has created so many jobs and brought so much new investment to Kansas. Continuing with Angels is right for our state.”

According to Gov. Kelly, companies are required to qualify in order to participate in KAITC and get tax credits. Eligibility requirements can be found HERE.

Gov. Kelly said startups seeking investment can apply until Aug. 31, 2021. To apply, click HERE.