Summary as passed:
Small business investment grant program. Creates the small business investment grant fund and program that would provide a grant equal to 10 percent of a qualified investment in a small business for an eligible investor. Grants would be paid from such funds as may be appropriated by the General Assembly. This bill is identical to SB 344.
Summary as introduced:
Income tax; small business investment tax credits. Creates a tax credit equal to 10 percent of a qualified investment in a small business for an eligible investor. The investment must be made on or after January 1, 2012, but before January 1, 2015, and the equity must be held for two years. The Department of Taxation would certify small businesses that may receive investments eligible for the tax credit.