Developers’ tax break, venture capital fund okayed

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The House and Senate have given final approval to legislation that tweaks a state tax break for the developers of “tourist attractions” and creates an “Invest Georgia” venture capital fund to encourage investments in small businesses.

Both measures are rolled into one bill, HB 318, that was introduced by Rep. Ron Stephens (R-Savannah) to correct legal and technical problems in the tourist attraction tax break enacted in 2011.

The Senate amended the bill to add the verbiage creating the venture capital fund, legislation initially sponsored by Sen. Tim Golden (R-Valdosta). The House agreed to the Senate change on Monday, thus sending the bill to Gov. Nathan Deal for his signature.

After giving final approval to HB 318, the House sent Golden’s original venture capital bill, SB 224, back to committee.

Golden’s legislation will establish a $100 million fund (the new state budget allocates the first $10 million to it) for the investment of tax money in startup companies and to extend a tax break for private, “angel” investors.

© 2013 by The Georgia Report

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Tags: Ron Stephens , tax break , Tim Golden , tourist attractions , venture capital fund