Governor Martinez Proposes Angel Tax Credit Expansion

New Mexico Governor Susana Martinez held a press conference Thursday announcing a series of proposals designed to encourage innovation and investment in technology companies. The most notable of which was a proposed expansion to the New Mexico Angel Tax Credit. The bill, supported by Rep. Jane Powdrell-Culbert, is aimed to raise the maximum individual investment cap from the current, $100,000 to $250,000 in investments for up to five companies. This raises the overall credit from $750,000 to $2 million.

In a press release put out by her office, Martinez said, “Turning an innovative, well developed idea into a commercial enterprise can be very costly for an entrepreneur – particularly as they are just getting their small business off the ground.”

“Angel investors come alongside these innovators and can provide the funds necessary to help make their dreams and ideas a reality. And when these small business owners succeed, our economy succeeds. There’s no question that our economy benefits when innovators are able to thrive.”

Gov Martinez Angel Tax
Image: (from left to right) NMA President John Chavez is joined by the CEO of Vibrant Corp – Lem Hunter, an Angel Investment company, Jon Barela, the Cabinet Secretary for the New Mexico Economic Development Department and New Mexico Governor Susana Martinez.

 

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