The Greater Baltimore Committee plans to push for a tax credit for angel investment in this year’s General Assembly session, the Baltimore Business Journal reports.
Baltimore investors say such a credit could attract more startups to the Free State.
“This region is always in competition with some close neighbors. Adding that extra incentive, people would have more choices to invest here,” said Hugh Evans III, who is a member of the Baltimore Angels, a leading angel investor group in the area. Evans is also vice president of corporate development and ventures for the 3D printing company 3D Systems.
Evans estimated that the Baltimore Angels collectively invest in about a dozen companies a year. But hundreds line up to pitch to this group of 55 investors.
Evans noted that such an approach has worked in New Orleans, where he also invests.
New Jersey enacted an angel investor tax credit in 2013.