House Bill No. [insert number] amends the Angel Investor Tax Credit Program in Louisiana, primarily by extending the program's duration and modifying certain limitations on claiming tax credits. The bill stipulates that no new credits will be authorized after December 31, 2026, but allows for the carry-forward of unused tax credits accumulated prior to that date until they are exhausted. Additionally, the application deadline for claiming credits is extended from June 30, 2025, to the date when the total amount of unused credits is depleted. The bill also repeals the requirement that tax credits be divided into equal portions over two years, allowing for a more flexible distribution of credits.

The legislation maintains the existing annual cap of $3.6 million on the total amount of tax credits granted, both at the 25% and 35% rates, while ensuring that any unused credits can be carried forward without regard to the annual cap. The bill clarifies that starting January 1, 2026, the Angel Investor Tax Credit will only apply to income tax liability, as the corporation franchise tax will be repealed. Overall, the proposed changes aim to enhance the program's effectiveness while providing a clear timeline for its eventual phase-out.

Statutes affected:
HB665 Original: 47:6020(D)(1), 47:6020(D)(2)