iTel Companies, Inc. has qualified for the new $10 million Angel Investment Tax Credit, bill HB2191. The main objective of the Angel Investment program is to expand early stage investments in targeted Arizona small businesses. The new legislature approved a new $10 million The program accomplishes this goal by providing tax credits to investors who make investments in targeted small businesses certified by the Arizona Commerce Authority (ACA). Capital infusions are a vital component for early-stage startup success and have been shown to benefit not only the company but the community.
All new iTel investors looking to make a healthcare IT start-up investment between $25-500k are eligible for a 30% tax credit with their investment. The program’s initial infusion of $20 million in 2006 has provided a successful launch pad for Arizona’s economy and businesses. Some highlights of the program’s successes as presented to Arizona legislators by the Council, its Public Policy Committee and the Arizona Commerce Authority (ACA). The $20M in tax credits provided:
- 213 small businesses and 972 separate investments certified by the ACA
- $420 million in early-stage capital raised from companies (a ratio of 21 to 1)
- 120 firms received nearly $62 million in certified investments for an ROI of 2,100%
- $44 million (and growing) in total tax revenue generated, paying Arizona back more than twice
“We’re already seeing our new investors benefiting from this program, which is so essential to the life-blood of the start-up companies here in Arizona,” said iTel’s Founder and CEO, Eric Greenman, M.D., who stated that his company is now scaling to keep up with new customer channels.
Here is a summary of the Angel Investor Tax Credit program and benefits:
- Qualified investors have 90 days’ post investment in an approved business to file with the ACA
- Investors can make a maximum investment of $500K in a single qualified business within the year
- Investments in bioscience and businesses in rural counties: Tax credit of 12% per year for the 1st and 2nd taxable year post investment, 11% 3rd year
For more detailed information: www.azleg.gov/ars/41/01518.htm
iTel provides secure video for telehealth through a Video-as-a-Service (VaaS) model, and is fully integrated with large Electronic Health Record (EHR) platforms with its universal API. iTel brings an end-to-end solution for telehealth billing and revenue cycle management that can be integrated with any EHR. With iTel, both medical and mental health providers can connect with their existing patients through a secure video session, maintaining their relationship, and continuity of care—from the office to their work or home. iTel is based in Scottsdale, Arizona. Visit iTel at itel.us.com.