An extension of Kansas’ angel investment tax credits program has been approved by the legislature and is headed to Gov. Sam Brownback for approval.

The program is set to be extended for another five years, maintaining an allocation of $6 million per year. The renewal passed the legislature over the weekend.

“This is a huge victory for entrepreneurship in Kansas, and for the life science and tech industries here in the state, as the Angel Investor Tax Credit is an important incentive for drawing and retaining high growth startups to Kansas,” said Dennis Ridenour, executive director of BioKansas.

“We are thrilled that the legislature realized that and, despite an incredibly difficult legislative environment, took decisive steps to continue to offer this program.”

An accredited investor can receive a 50 percent tax credit on an angel investment worth up to $50,000 in a qualified Kansas company.

Supporters say that, for every $1 in tax revenue that Kansas forgoes in tax credits, it ultimately regains $15 in economic benefit.

“We have successfully preserved the largest (and in fact, the only) incentive created specifically to support Kansas entrepreneurs,” said Melissa Roberts of the Enterprise Center of Johnson County.

“Entrepreneurs and investors across the made sure that their voices were heard in the state legislature. Their vocal support of this measure was key to ensuring that Angel Investment Tax Credits continue to be available to entrepreneurs through 2021.”