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Beshear to Sign Angel Investor Bill in Covington

Governor Steve Beshear will be in Covington on Wednesday to sign House Bill 445, known as the angel investor tax credit bill.

The bill passed the Kentucky General Assembly earlier this year.

Beshear has selected UpTech, the Covington business accelerator on Pike Street that houses start-up companies that would likely benefit from the legislation, as his location for the ceremonial signing. He will be joined by State Rep. Arnold Simpson (D-Covington), a champion of the bill, State Rep. Rick Rand (D-Bedford), Northern Kentucky Chamber of Commerce President Trey Grayson, Northern Kentucky e-zone director Casey Barach, and UpTech executive director Amanda Greenwell.

The signing is scheduled for 11:15 a.m.

The angel investor bill was supported by many across Northern Kentucky, particularly because such legislation exists in Ohio where locally grown companies may move to secure more capital investments. The legislation is viewed as more leveling of the playing field between the two states.

Beshear included the angel investor idea in his push for tax reform in February. A statewide angel investor network was established last November. The Covington City Commission adopted a resolution in January supporting the legislation. The bill was officially sent to Beshear's desk in April.

-Staff report

-Photo: UpTech on Pike Street/RCN file