Legislation seems to either be overly vague or overly specific. Take a bill in the PA House, House Bill 36, An Act amending Title 12 (Commerce and Trade) of the Pennsylvania Consolidated Statutes, providing for an angel investment tax credit. That's an innocent enough title. But the bill applies to a very narrow group of people. Here are the criteria for the tax credit:
"Accredited investor." Any of the following:
17(1) An individual whose net worth or joint net worth with the individual's spouse exceeds $1,000,000.
19(2) An individual who had individual income in excess of 20$200,000 in each of the two most recent years or joint income21 with that individual's spouse in excess of $300,000 in each22 of those years and has a reasonable expectation of reaching23 the same income level in the current year.
The bill was introduced in January and is currently "laid on the table."