The Greater Baltimore Committee and three panels of witnesses testified in Annapolis on February 25 before the Senate Budget and Taxation Committee in support of the Angel Investor Tax Credit, the GBC’s signature piece of legislation. As proposed, Senate Bill 584 would create an Angel Investor Tax Credit, which would allow investors a tax credit against their income tax liability equal to 50 percent of their investment in a qualified business.
In today’s economy, angel tax credits are not unique. They exist in many states across the country and take on various forms but all serve the same general purpose – incentivizing angel investors to provide much-needed capital for startups.
The witnesses on the GBC’s three panels came from all different facets of angel investing, from actual angel investors to entrepreneurs who relied on angel investing to start their companies to economic development professionals at the state and local levels. All of the witnesses testified to the many positive impacts an Angel Investor Tax Credit could have for Maryland, including increased tax revenue for the state, increased capital for startup companies struggling to create businesses, a stronger entrepreneurial community in Maryland and an increased number of angel investors making investments.
While the panelists faced some difficult questions from the legislators on the committee, through their combination of expertise and experience they were able to illustrate the many ways in which this proposed legislation would have a significant positive impact for the state.
Participating on the GBC’s witness panels were:
- Shaina Hernandez, Director of Policy and Research, Greater Baltimore Committee
- Ed Chalfin, CEO and Founder, MIE Labs, and Co-Chairman of the Baltimore Angels
- Mike Binko, President and CEO, kloudtrack, and Founder and CEO of Startup Maryland
- Kelly Keenan Trumpbour, Founder of See Jane Invest, Member of the Baltimore Angels
- Tony Stanco, Executive Director, National Council of Entrepreneurial Tech Transfer
- Saad Alam, Co-Founder and CEO, Citelighter
- Paul Palmieri, Venture Advisor, New Enterprise Associates, Founder of Millennial Media, and Member of the Baltimore Angels
- Elana Fine, Managing Director, Dingman Center for Entrepreneurship
- Brian Levine, Vice President of Government Relations, Tech Council of Maryland
- Rob Rosenbaum, President and Executive Director, TEDCO
- Richard Griffin, Director of Economic Development, Frederick County
- Kevin Kelly, Chief Government Affairs Officer, University of Maryland, Baltimore