A Missouri House representative has introduced legislation that would encourage investment in business startups through tax incentives. The “Missouri Angel Incentive Act,” sponsored by Rep. Noel Torpey, R-Independence, would give tax credits of up to $50,000 per year for businesses and $250,000 per year for individuals who invest in the early stages of a company. The total amount of tax credits would cap out at $6 million.
The bill, which would expire after 10 years, resembles legislation that passed overwhelmingly in the House last year but died in a state Senate wary of tax incentives and their potential payoffs. The bill is slated to receive a committee hearing Tuesday evening.