| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26486 |
| 来源ID | Working Paper 26486 |
| Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits | |
| Sabrina T. Howell; Filippo Mezzanotti | |
| 发表日期 | 2019-11-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | A central issue in public finance is the tradeoff between maintaining tax revenues and using the tax code to incentivize particular economic activities. One important dimension of this tradeoff is whether incentive policies are used in practice as policymakers intend. This paper examines one particular tax program that many U.S. states use to stimulate entrepreneurship. Specifically, angel tax credits subsidize wealthy individuals’ investments in startups. This paper finds that these programs have no measurable effect on local entrepreneurial activity or beneficiary company outcomes, despite increasing some measures of angel activity. This appears to reflect the programs failing to screen out financially unconstrained firms and often being used for tax arbitrage. Over 90 percent of beneficiary companies fall into at least one of three categories: a corporate insider received a tax credit; the company previously raised external equity; or the company is not in a high-growth sector. Notably, at least 33 percent of beneficiary companies include an investor receiving a tax credit who is an executive at the company. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w26486 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584159 |
| 推荐引用方式 GB/T 7714 | Sabrina T. Howell,Filippo Mezzanotti. Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26486.pdf（1275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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