Finance Minister Yair Lapid and Economy Minister Naftali Bennett on Wednesday announced plans for a law to help spur investment in start-ups.

The amendment to the so-called Angel Investor Law would give start-up investors approved by the Economy Ministry’s chief scientist’s office special tax benefits, allowing them to write off investments in young companies from their taxable income.

The ministers hope the amendment, to be included in the 2015 economic plan, will add incentives for investors and reduce bureaucracy for start-ups accepting their funds.

“The hi-tech industry is a strategic growth engine for Israel’s economy,” said Lapid.

“Through this law we will encourage investors to invest in young companies, which are the future of Israeli hi-tech, and will continue to create an innovation-based economy.”

Bennett said the law would be among the best in the world for the economy, encouraging investors to put their money into start-ups instead of, say, real estate.

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