Arizona ~ Corporate, Personal Income Taxes: Rule Providing Small Business Capital Investment Incentive Program Guidelines Adopted

The Arizona Commerce Authority has adopted a rule providing guidelines for the Small Business Capital Investment Incentive Program (Angel Investment Program), which provides tax credits to investors who make capital investments in businesses certified by the Arizona Commerce Authority. From and after June 30, 2017, though June 30, 2021, the Authority may allocate tax credits up to the $2.5 million annual cap, plus any unused credit capacity carried over from the preceding fiscal year or years. Tax credits are authorized on a first come, first served basis, and are equal to 30% or 35% of the investment amount. Tax credits can be claimed over a three year period and any unused credits can be carried forward for up to three tax years. The adopted rule discusses the application process, eligibility requirements, and provides an overview of tax credits and limitations. Other topics discussed include submittal of requests for certification and corresponding reviews, process for claiming tax credits, and revocation of certification and recapture of credits.

The rule may be viewed at https://d35uq38u77mscr.cloudfront.net/media/1475146/Posting-for-17-02-Final-Adoption.pdf.

Rule 17-02, Arizona Commerce Authority, effective July 17, 2017

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