Lapid, Bennett propose legislation as incentive for start-up investment

Bennett said the law would encourage investors to put their money into start-ups instead of real estate for example.

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July 17, 2014 04:01
Jerusalem Start-up Weekend

Jerusalem Start-up Weekend 370. (photo credit: Courtesy of Newsgeek)

 
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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.

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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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