In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Terrorism Insurance Backstop 
Extension Act of 2005''.

SEC. 2. EXTENSION OF TERRORISM INSURANCE PROGRAM.

    (a) Program Years 4 and 5.--Paragraph (11) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended 
by adding at the end the following new subparagraphs:
                    ``(E) Program year 4.--The term `Program Year 4' 
                means the period beginning on January 1, 2006 and 
                ending on December 31, 2006.
                    ``(F) Program year 5.--The term `Program Year 5' 
                means the period beginning on January 1, 2007 and 
                ending on December 31, 2007.''.
    (b) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by redesignating subparagraph (E) as subparagraph (H);
            (2) in subparagraph (D), by striking ``and'' at the end;
            (3) by inserting after subparagraph (D) the following new 
        subparagraphs:
                    ``(E) for Program Year 4, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 15 
                percent;
                    ``(F) for Program Year 5, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 20 
                percent; and'';
            (4) in subparagraph (H) (as so redesignated by paragraph 
        (1) of this subsection)--
                    (A) by striking ``(D)'' and inserting ``(F)''; and
                    (B) by striking ``or Program Year 3'' and inserting 
                ``Program Year 3, Program Year 4, or Program Year 5''.
    (c) Mandatory Availability.--Subsection (c) of section 103 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by striking all of the matter that precedes 
        subparagraph (A) of paragraph (1) and inserting the following:
    ``(c) Mandatory Availability.--During the Program, each entity that 
meets the definition of an insurer under section 102--'';
            (2) by striking paragraph (2); and
            (3) by redesignating subparagraphs (A) and (B) as 
        paragraphs (1) and (2) and realigning such paragraphs, as so 
        redesignated, so as to be indented 2 ems from the left margin.
    (d) Insured Loss Shared Compensation.--Subsection (e) of section 
103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended--
            (1) in paragraph (2)(A), by striking ``or Program Year 3'' 
        and inserting ``, Program Year 3, Program Year 4, Program Year 
        5, or the final Program Year'';
            (2) in paragraph (3), by striking ``or Program Year 3'' and 
        inserting ``, Program Year 3, Program Year 4, Program Year 5, 
        or the final Program Year'';
            (3) in paragraph (6)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C) by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following new 
                subparagraphs:
                    ``(D) for Program Year 4, the lesser of--
                            ``(i) $17,500,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year;
                    ``(E) for each of Program Year 5 and the Final 
                Program Year, the lesser of--
                            ``(i) $20,000,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year; and''; and
            (4) in paragraph (7)--
                    (A) in subparagraph (A), by striking ``and (C)'' 
                and inserting ``(C), (D), and (E)''; and
                    (B) in subparagraphs (B) and (C), by striking ``or 
                (C)'' each place such term appears and inserting ``(C), 
                (D), or (E)''.
    (e) Coverage of Group Life Insurance.--
            (1) In general.--Paragraph (5) of section 102 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended in the matter that precedes subparagraph (A) by 
        inserting ``or group life'' after ``property and casualty''.
            (2) Technical and conforming amendments.--The Terrorism 
        Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
                    (A) in section 102--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (B)(i), by 
                                inserting ``or group life insurance'' 
                                after ``workers' compensation''; and
                                    (II) in subparagraph (B)(ii), by 
                                inserting ``and group life insurance'' 
                                after ``property and casualty 
                                insurance'';
                            (ii) in paragraph (4)--
                                    (I) by inserting ``or for group 
                                life insurance'' after ``property and 
                                casualty insurance''; and
                                    (II) by striking ``paragraph (5)'' 
                                and inserting ``paragraph (6)'';
                            (iii) in paragraph (5), by inserting ``and 
                        group life insurance'' after ``workers' 
                        compensation''; and
                            (iv) in paragraph (6)--
                                    (I) in subparagraph (A)(i), by 
                                inserting ``property and casualty or 
                                group life'' after ``excess'';
                                    (II) in subparagraph (B), by 
                                inserting ``or group life insurance 
                                coverage'' after ``property and 
                                casualty insurance coverage'';
                            (v) by redesignating paragraphs (5) through 
                        (16) as paragraphs (6) through (17), 
                        respectively; and
                            (vi) by inserting after paragraph (4), the 
                        following new paragraph:
            ``(5) Group life insurance.--The term `group life 
        insurance' means an insurance contract that provides term life 
        insurance coverage, accidental death coverage, or a combination 
        thereof, for a number of persons under a single contract, on 
        the basis of a group selection of risks.'';
                    (B) in section 103--
                            (i) in subsection (b)(1), by inserting 
                        ``(including a named beneficiary in the case of 
                        a group life insurance policy)'' before the 
                        second comma;
                            (ii) in subsection (c)--
                                    (I) in paragraph (1) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty''; 
                                and
                                    (II) in paragraph (2) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty'';
                            (iii) in subsection (e)--
                                    (I) in paragraph (6), by striking 
                                ``For'' and inserting ``Except as 
                                provided in subparagraph (F) of this 
                                paragraph, for'';
                                    (II) in paragraph (6), by inserting 
                                after subparagraph (E) (as added by 
                                subsection (d)(3)(C) of this section) 
                                the following new subparagraph:
                    ``(F) for each of the periods referred to in 
                subparagraphs (A) through (E), the amounts provided 
                under such subparagraphs, as such amounts shall be 
                increased by the Secretary before the expiration of the 
                90-day period beginning on the date of the enactment of 
                the Terrorism Insurance Backstop Extension Act of 2005, 
                based on the increase in the size of the Program caused 
                by the inclusion of group life insurance pursuant to 
                such Act, in proportion to the increased premiums 
                involved.'';
                                    (III) in paragraph (7)(C), by 
                                inserting ``or group life insurance'' 
                                after ``workers compensation'';
                                    (IV) in paragraph (8)(A)(i), by 
                                inserting ``and group life'' after 
                                ``property and casualty''; and
                                    (V) in paragraph (8), by inserting 
                                ``or group life'' after ``property and 
                                casualty'' each place such term appears 
                                in subparagraphs (A)(iii) and (C); and
                            (iv) by striking subsection (h);
                    (C) in section 105(c), by inserting ``or group 
                life'' after ``property and casualty''; and
                    (D) in section 108(d)(1), by inserting ``and the 
                group life insurance industry'' after ``property and 
                casualty insurance industry''.
            (3) Required rulemaking.--Not later than 90 days after the 
        date of the enactment of this Act, the Secretary of the 
        Treasury shall issue final regulations to carry out this 
        subsection.
    (f) Study on Long-Term Solutions.--Section 103 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking 
subsection (i) and inserting the following new subsection:
    ``(h) Study on Long-Term Solutions.--By September 1, 2005, the 
Secretary shall conduct a study and submit a report to the Congress on 
alternatives for expanding the availability and affordability of 
terrorism insurance after the termination of the Program that do not 
involve a Federal financial backstop.''.
    (g) Termination of Program.--
            (1) Termination.--Subsection (a) of section 108 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended by striking ``December 31, 2005'' and inserting 
        ``December 31, 2007''.
            (2) Final gao study and report.--Subsection (d) of section 
        108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
        note) is amended by adding at the end the following new 
        paragraph:
            ``(3) Final gao study and report.--The Comptroller General 
        of the United States shall conduct an assessment of the matters 
        referred to in paragraph (1) and shall submit a report to the 
        Congress, not later than June 30, 2007, on the results of such 
        study.''.

SEC. 3. FINAL PROGRAM YEAR.

    (a) Definition.--Paragraph (11) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the 
preceding provisions of this Act, is further amended by adding at the 
end the following new subparagraph:
                    ``(G) Final program year.--The term `Final Program 
                Year' means the period beginning on January, 1, 2008 
                and ending on December 31, 2008.''. ''.
    (b) Insured Losses.--Paragraph (5) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding 
after and below subparagraph (B) the following new sentence:
        ``With respect to the Final Program Year, such term means only 
        such losses as are described in the preceding sentence that are 
        covered by primary or excess property and casualty insurance or 
        group life insurance, that is issued before January 1, 2008, 
        and expires not later than December 31, 2008; except that the 
        Secretary may exclude from insured losses for the Final Program 
        Year losses covered by a policy for such insurance if the 
        Secretary determines that the primary purpose in establishing 
        the particular term of the policy was obtaining compensation 
        under the Program for losses covered by the policy.''.
    (c) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended 
by the preceding provisions of this Act, is further amended by 
inserting after subparagraph (F) the following new subparagraph:
                    ``(G) for the Final Program Year, the value of an 
                insurer's direct earned premiums for the terms 
                remaining under any policies for insurance described in 
                the last sentence of paragraph (5) as of the occurrence 
                of the act of terrorism during such Year that results 
                in insured losses, as determined by the Secretary, 
                multiplied by 20 percent; and''.
[A]: Terrorism Insurance Backstop Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to define: (1) the term "Program Year 4" as the period from January 1, 2006, through December 31, 2006; and (2) the term "Program Year 5" as the period from January 1, 2007, from December 31, 2007 (thereby extending the terrorism risk insurance program from 2005 through 2007).

Sets a deadline for the Secretary of the Treasury to make a final determination regarding: (1) the availability of group life insurance to both insurers and consumers; and (2) whether certain provisions of the Act shall be applied to providers of group life insurance.

Sunsets the Terrorism Risk Insurance Program after December 31, 2007.

Details the treatment of insured losses and the insurer deductible for the Final Program Year (January 1, 2008, through December 31, 2008).


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Access to Credit Act of 
2010''.

SEC. 2. BUSINESS AND INDUSTRY DIRECT AND GUARANTEED LOANS.

    (a) Tangible Equity Requirements.--Section 310B(d) of the 
Consolidated Farm and Rural Development Act (7 U.S.C. 1932(d)) is 
amended by striking paragraph (6) and inserting the following:
            ``(6) Equity.--In the case of direct or guaranteed loans 
        under this section, the Secretary shall use commercial lending 
        standards in determining any equity requirement.''.
    (b) General Terms.--Section 310B(g) of the Consolidated Farm and 
Rural Development Act (7 U.S.C. 1932(g)) is amended by adding at the 
end the following:
            ``(10) General terms.--
                    ``(A) Maximum loan guarantee amount.--
                            ``(i) In general.--Notwithstanding any 
                        other provision of this Act, during the period 
                        beginning on the date of enactment of this 
                        paragraph and ending on December 31, 2011, the 
                        Secretary shall guarantee up to 90 percent of a 
                        business and industry loan in an amount of up 
                        to $10,000,000 that is a high priority project, 
                        as determined based on published criteria of 
                        the Secretary that includes rural economic 
                        factors.
                            ``(ii) Subsequent fiscal years.--
                        Notwithstanding any other provision of this 
                        Act, beginning on January 1, 2012, the 
                        Secretary may guarantee up to 80 or 90 percent 
                        (as determined by the Secretary) of a business 
                        and industry loan in an amount of up to 
                        $10,000,000 that is a high priority project, as 
                        determined based on criteria described in 
                        clause (i).
                    ``(B) Line-of-credit loans.--In guaranteeing 
                business and industry loans, the Secretary shall 
                guarantee line-of-credit loans in accordance with 
                section 316(c).
                    ``(C) Refinancing.--
                            ``(i) In general.--A business and industry 
                        loan may be used by a small business to 
                        refinance debt in existence as of the day 
                        before the date on which the loan was made or 
                        guaranteed, if--
                                    ``(I) the project for which the 
                                debt was incurred is viable and will 
                                create or save jobs, as determined by 
                                the Secretary; and
                                    ``(II) as of the date of 
                                application for refinancing--
                                            ``(aa) the underlying loan 
                                        has been current for at least 1 
                                        year; and
                                            ``(bb) the lender is 
                                        providing better rates and 
                                        longer terms than under the 
                                        original loan.
                            ``(ii) Subordinated owner debt.--
                        Subordinated owner debt shall not be eligible 
                        for inclusion in debt described in clause (i).
                    ``(D) Audit standards.--Notwithstanding any other 
                provision of law, the Secretary--
                            ``(i) shall not require audited financial 
                        statements consistent with generally accepted 
                        accounting principles for business and industry 
                        loans of less than $1,000,000; and
                            ``(ii) may waive any requirement for 
                        audited financial statements consistent with 
                        generally accepted accounting principles for 
                        business and industry loans of at least 
                        $1,000,000.
                    ``(E) Calculation of delinquency rates.--To allow 
                accurate comparison of delinquency rates among Federal 
                agencies, in calculating the delinquency rate for 
                business and industry loans, the Secretary shall use 
                the calculation method used by the Administrator of the 
                Small Business Administration.''.
    (c) Sense of Congress Relating to the Rural Microentrepreneur 
Assistance Program.--It is the sense of Congress that in allocating 
discretionary funds of the Secretary of Agriculture, the Secretary of 
Agriculture should give priority to the rural microentrepreneur 
assistance program established under section 379E of the Consolidated 
Farm and Rural Development Act (7 U.S.C. 2008s).
    (d) Budgetary Effects.--The budgetary effects of this Act, for the 
purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, 
shall be determined by reference to the latest statement titled 
``Budgetary Effects of PAYGO Legislation'' for this Act, submitted for 
printing in the Congressional Record by the Chairman of the Senate 
Budget Committee, provided that such statement has been submitted prior 
to the vote on passage.
[A]: Rural Access to Credit Act of 2010 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture (USDA) to use commercial lending standards in determining equity requirements for rural entity direct or guaranteed loans.

Directs the Secretary, through December 31, 2011, to guarantee up to 90% of high priority business and industry loans up to $10 million. Authorizes the Secretary, beginning on January 1, 2012, to guarantee up to 80% or 90% of high priority business and industry loans up to $10 million. Directs the Secretary to guarantee related line-of-credit loans.

Authorizes business and industry loans to be used for refinancing.

Waives audit requirements for business and industry loans under $1 million. Authorizes audit waiver for loans of at least $1 million.

Directs the Secretary to use the Small Business Administration (SBA) calculation method in calculating the delinquency rate for business and industry loans.

Expresses the sense of Congress that in allocating discretionary funds the Secretary should give priority to the rural microentrepreneur assistance program.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Angel Tax Credit Act''.

SEC. 2. ANGEL INVESTMENT TAX CREDIT.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 30E. ANGEL INVESTMENT TAX CREDIT.

    ``(a) Allowance of Credit.--There shall be allowed as a credit 
against the tax imposed by this chapter for the taxable year an amount 
equal to 25 percent of the qualified equity investments made by a 
qualified investor during the taxable year.
    ``(b) Limitation.--The amount of the credit allowed under 
subsection (a) for any taxpayer for any taxable year shall not exceed 
$250,000.
    ``(c) Qualified Equity Investment.--For purposes of this section--
            ``(1) In general.--The term `qualified equity investment' 
        means any equity investment in a qualifying business entity 
        if--
                    ``(A) the aggregate amount of such investments made 
                by the taxpayer during the taxable year is $25,000 or 
                more,
                    ``(B) such investment is acquired by the taxpayer 
                at its original issue (directly or through an 
                underwriter) solely in exchange for cash, and
                    ``(C) such investment is designated for purposes of 
                this section by the qualifying business entity.
            ``(2) Equity investment.--The term `equity investment' 
        means--
                    ``(A) any form of equity, including a general or 
                limited partnership interest, common stock, preferred 
                stock (other than nonqualified preferred stock as 
                defined in section 351(g)(2)), with or without voting 
                rights, without regard to seniority position and 
                whether or not convertible into common stock or any 
                form of subordinate or convertible debt, or both, with 
                warrants or other means of equity conversion, and
                    ``(B) any capital interest in an entity which is a 
                partnership.
            ``(3) Redemptions.--A rule similar to the rule of section 
        1202(c)(3) shall apply for purposes of this subsection.
    ``(d) Qualifying Business Entity.--For purposes of this section--
            ``(1) In general.--The term `qualifying business entity' 
        means any domestic corporation or partnership if such 
        corporation or partnership--
                    ``(A) has its headquarters in the United States,
                    ``(B) has gross revenues for the taxable year 
                preceding the date of the qualified equity investment 
                of less than $1,000,000,
                    ``(C) employs less than 25 full-time equivalent 
                employees as of the date of such investment,
                    ``(D) has been in existence for less than 7 years 
                as of the date of the qualified equity investment,
                    ``(E) has more than 50 percent of the employees 
                performing substantially all of their services in the 
                United States as of the date of such investment,
                    ``(F) is engaged in a high technology trade or 
                business related to--
                            ``(i) advanced materials, nanotechnology, 
                        or precision manufacturing,
                            ``(ii) aerospace, aeronautics, or defense,
                            ``(iii) biotechnology or pharmaceuticals,
                            ``(iv) electronics, semiconductors, 
                        software, or computer technology,
                            ``(v) energy, environment, or clean 
                        technologies,
                            ``(vi) forest products or agriculture,
                            ``(vii) information technology, 
                        communication technology, digital media, or 
                        photonics,
                            ``(viii) life sciences or medical sciences,
                            ``(ix) marine technology or aquaculture,
                            ``(x) transportation, or
                            ``(xi) any other high technology trade or 
                        business, as determined by the Secretary of the 
                        Treasury, and
                    ``(G) has equity investments designated for 
                purposes of this paragraph.
            ``(2) Designation of equity investments.--For purposes of 
        paragraph (1)(G), an equity investment shall not be treated as 
        designated if such designation would result in the aggregate 
        amount which may be taken into account under this section with 
        respect to equity investments in such corporation or 
        partnership exceeds $2,000,000, taking into account the total 
        amount of all qualified equity investments made by all 
        taxpayers for the taxable year and all preceding taxable years.
    ``(e) Qualified Investor.--For purposes of this section--
            ``(1) In general.--The term `qualified investor' means an 
        accredited investor, as defined by the Securities and Exchange 
        Commission.
            ``(2) Exclusion.--The term `qualified investor' does not 
        include--
                    ``(A) a person controlling at least 50 percent of 
                the qualifying business entity,
                    ``(B) any venture capital fund (within the meaning 
                of section 203(l) of the Investment Advisers Act of 
                1940 (15 U.S.C. 80b-3(l))), or
                    ``(C) any bank, savings association, loan 
                association, trust company, insurance company, or 
                similar entity whose business activities include making 
                similar investments to investments of a venture capital 
                fund (as so defined).
    ``(f) National Limitation on Amount of Investments Designated.--
            ``(1) In general.--There is an angel investment tax credit 
        limitation of $500,000,000 for each of calendar years 2013 
        through 2017.
            ``(2) Allocation of limitation.--The limitation under 
        paragraph (1) shall be allocated by the Secretary among 
        qualified small business entities selected by the Secretary.
            ``(3) Carryover of unused limitation.--If the angel 
        investment tax credit limitation for any calendar year exceeds 
        the aggregate amount allocated under paragraph (2) for such 
        year, such limitation for the succeeding calendar year shall be 
        increased by the amount of such excess. No amount may be 
        carried under the preceding sentence to any calendar year after 
        2022.
    ``(g) Application With Other Credits.--
            ``(1) Business credit treated as part of general business 
        credit.--Except as provided in paragraph (2), the credit which 
        would be allowed under subsection (a) for any taxable year 
        (determined without regard to this subsection) shall be treated 
        as a credit listed in section 38(b) for such taxable year (and 
        not allowed under subsection (a)).
            ``(2) Personal credit.--
                    ``(A) In general.--In the case of an individual who 
                elects the application of this paragraph, for purposes 
                of this title, the credit allowed under subsection (a) 
                for any taxable year (determined after application of 
                paragraph (1)) shall be treated as a credit allowable 
                under subpart A for such taxable year.
                    ``(B) Carryforward of unused credit.--If the credit 
                allowable under subsection (a) by reason of 
                subparagraph (A) exceeds the limitation imposed by 
                section 26(a) for such taxable year, reduced by the sum 
                of the credits allowable under subpart A (other than 
                this section) for such taxable year, such excess shall 
                be carried to each of the succeeding 20 taxable years 
                to the extent that such unused credit may not be taken 
                into account under subsection (a) by reason of 
                subparagraph (A) for a prior taxable year because of 
                such limitation.
    ``(h) Special Rules.--
            ``(1) Related parties.--For purposes of this section--
                    ``(A) In general.--All related persons shall be 
                treated as 1 person.
                    ``(B) Related persons.--A person shall be treated 
                as related to another person if--
                            ``(i) the relationship between such persons 
                        would result in the disallowance of losses 
                        under section 267 or 707(b), or
                            ``(ii) for purposes of subsection (e), the 
                        person is an individual who is the spouse of a 
                        lineal descendant of an individual described in 
                        subsection (e)(2)(A).
            ``(2) Basis.--For purposes of this subtitle, the basis of 
        any investment with respect to which a credit is allowable 
        under this section shall be reduced by the amount of such 
        credit so allowed. This subsection shall not apply for purposes 
        of sections 1202, 1397B, and 1400B.
            ``(3) Recapture.--The Secretary shall, by regulations, 
        provide for recapturing the benefit of any credit allowable 
        under subsection (a) with respect to any qualified equity 
        investment which is held by the taxpayer less than 3 years, 
        except that no benefit shall be recaptured in the case of--
                    ``(A) transfer of such investment by reason of the 
                death of the taxpayer,
                    ``(B) transfer between spouses,
                    ``(C) transfer incident to the divorce (as defined 
                in section 1041) of such taxpayer, or
                    ``(D) a transaction to which section 381(a) applies 
                (relating to certain acquisitions of the assets of one 
                corporation by another corporation).
    ``(i) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out this section, including 
regulations--
            ``(1) which prevent the abuse of the purposes of this 
        section,
            ``(2) which impose appropriate reporting requirements, and
            ``(3) which apply the provisions of this section to newly 
        formed entities.''.
    (b) Credit Made Part of General Business Credit.--Subsection (b) of 
section 38 of the Internal Revenue Code of 1986 is amended--
            (1) in paragraph (35), by striking ``plus'';
            (2) in paragraph (36), by striking the period at the end 
        and inserting ``, plus''; and
            (3) by adding at the end the following new paragraph:
            ``(37) the portion of the angel investment tax credit to 
        which section 30E(g)(1) applies.''.
    (c) Conforming Amendments.--
            (1) Section 1016(a) of the Internal Revenue Code of 1986 is 
        amended by striking ``and'' at the end of paragraph (36), by 
        striking the period at the end of paragraph (37) and inserting 
        ``, and'', and by inserting after paragraph (37) the following 
        new paragraph:
            ``(38) to the extent provided in section 30E(h)(2).''.
            (2) The table of sections for subpart B of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by adding at the end the following new item:

``Sec. 30E. Angel investment tax credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to investments made after December 31, 2013, in taxable years 
ending after such date.
[A]:
Angel Tax Credit Act - Amends the Internal Revenue Code to allow a new business-related&nbsp;tax credit for 25% of equity investments of $25,000 or more&nbsp;in a domestic corporation or partnership that: (1) has its headquarters in the United States, (2) has gross revenues for the taxable year of less than $1 million, (3) employs fewer than 25 full-time employees, (4) has been in existence for less than 7 years as of the date of the investment, (5) has more than 50% of its employees performing substantially all of their services in the United States, and (6) is engaged in a high technology trade or business. Limits the allowable amount of such credit to $250,000 in any taxable year and imposes an overall&nbsp;limitation on such credit of $500 million for each of calendar years 2013 through 2017.