Governor Laura Kelly Announces Applications Open for Kansas Angel Investor Tax Credit Program
~Bipartisan effort will help Kansas recruit innovative new companies, grow economy~
TOPEKA – Governor Laura Kelly today announced applications are being accepted for Kansas startups seeking investment through the Kansas Angel Investor Tax Credit (KAITC) program for 2021. Through bipartisan Senate Bill 66, the Angels program was extended for five years.
“Paired with our pro-business environment and talented workforce, the Angels program will help Kansas recruit dynamic startups to strengthen our growing economy,” said Governor Laura Kelly. “This program will allow Kansas to compete with every state in the nation to attract new businesses, industries, and families. I want to thank the Kansas Department of Commerce and the Legislature for supporting this bipartisan initiative.”
The program offers Kansas income tax credits to qualified individuals investing in new Kansas businesses. Eligible entrepreneurs include those engaged in the development, implementation and commercialization of new and innovative technologies, products, and services.
The KAITC program is administered by the Kansas Department of Commerce, and is designed to encourage investment in new, innovative Kansas startups. Senate Bill 66 extended KAITC for the next five years. Important updates have been made to the program, including changes to credit investment amounts, increased budget appropriations and more.
“As we know from the Framework for Growth, innovation is a vital component in building the economy of the future, and it’s an aspect we can’t ignore,” Lieutenant Governor and Commerce Secretary David Toland said. “I’m grateful to Governor Kelly and to our partners in the Legislature for seeing the limitless potential in the Angels program. If you’re looking to create the next big thing, we want you to do it here – and we have this tool to help you make it happen.”
“By ensuring tools such as the Angel Investor Tax Credit are available, we are sending a clear message to the start-up community that Kansas supports innovation and collaboration,” Kansas Representative Stephen Owens said. “Our goal is your goal, to grow strong Kansas companies. I look forward to continuing to work with the Commerce Department and the Kansas Legislature on additional new tools to further bolster growth in entrepreneurship in the next session.”
“I’m excited to see that we’re going to keep investing in this program,” Kansas Senator Robert Olson said. “Angels has created so many jobs and brought so much new investment to Kansas. Continuing with Angels is right for our state.”
Companies must qualify in order to participate in KAITC and receive tax credits. Eligibility requirements can be found at kansascommerce.gov/angels.
Startups seeking investment can apply now at kansascommerce.gov/angels, with applications accepted until August 31.
About the Kansas Department of Commerce
As the state’s lead economic development agency, the Kansas Department of Commerce strives to empower individuals, businesses and communities to achieve prosperity in Kansas. Commerce accomplishes its mission by developing relationships with corporations, site location consultants and stakeholders in Kansas, the nation and world. Our strong partnerships allow us to help create an environment for existing Kansas businesses to grow and foster an innovative, competitive landscape for new businesses. Through Commerce’s project successes, Kansas in 2021 was awarded Area Development Magazine’s prestigious Gold Shovel award and was named Site Selection Magazine’s Best Business Climate in the West North Central region of the United States.
About the Community Development Division
Established in 2019, the Community Development Division at the Kansas Department of Commerce exists to improve quality-of-life in communities across the state through various programs and services. The Kansas Department of Commerce understands the immense role played by strong communities in economic development and prioritizes investments in people and communities as major contributors to the overall strength of the Kansas economy. To learn more, visit the Community Development page at the Kansas Commerce website.
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