Angel Investment Program
Application Process for Qualified Investors

To become a qualified investor an eligible applicant must be an eligible entity and follow the process below. Eligible entities are individuals, limited liability companies, partnerships, sub-chapter S corporations or family or grantor trusts.  Excluded entities are corporations subject to tax under title 43, chapter 11, such as C corporations, and certain trusts, such as irrevocable trusts and IRA's or similar retirement accounts.  NEW

To view a chart of the application process, please click here.

1. Apply for certification by completing an Application for an Authorization of Tax Credits and submit it to Commerce in person at 1700 W. Washington Avenue, Sixth Floor in Phoenix. An investor must submit an application to Commerce within 30 calendar days after making an investment in a small business. NOTE: the application form is also available in word format by clicking here.
2. Upon receipt of an Application for an Authorization of Tax Credits, Commerce will date and time stamp each request. Applications will be processed in the order received.
3. Please note, an application from an investor is not complete unless the small business has submitted a request for certification to Commerce or has previously been certified by Commerce.
4. Within 90 days of receipt of a complete Application for an Authorization of Tax Credits, Commerce will notify the investor of certification or denial of certification.
5. If an investor is certified, Commerce will issue an Authorization of Tax Credits to the investor and notify the Arizona Department of Revenue (Revenue).
6. Following certification an investor may claim the tax credits with Revenue on its Arizona tax return. The first time an investor can claim tax credits is the tax year following the investment year. For example, if an investment is made in 2006, Commerce will authorize tax credits to be claimed in three consecutive years beginning 2007.

The tax credits can be claimed over a three year period and cannot exceed the following percentages.

If an investor plans to make additional qualified investments, a separate application for an Authorization of Tax Credits must be submitted to Commerce in person for each investment. The procedures described in this section will apply.

Supplemental Documents

• Program Guidelines
• Revenue’s Disclosure Form 285SBI
• To view the list of businesses that have been certified under this program please click here.

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