House Bill No. 665 proposes amendments to the Angel Investor Tax Credit Program in Louisiana, primarily focusing on the extension and modification of tax credit provisions. The bill establishes that no new tax credits will be authorized after December 31, 2026, while allowing the carry-forward of unused credits accumulated prior to that date until they are exhausted. Additionally, the application deadline for 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 credit amounts be divided into equal portions over two years, allowing for a more flexible distribution of credits.

The proposed law retains the existing annual cap of $3.6 million for tax credits granted at both the 25% and 35% rates, with provisions for unused credits to carry forward without regard to the annual cap. The bill clarifies that beginning 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2026, the Angel Investor Tax Credit will only apply to income tax liability, as the corporation franchise tax will be repealed.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 bill aims to enhance the Angel Investor Tax Credit Program by providing more flexibility in credit allocation while ensuring that the program's benefits are available until the existing credits are fully utilized.

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