By Associated Press - Tuesday, April 26, 2016

BISMARCK, N.D. (AP) - A North Dakota legislative committee is working to ensure more oversight of so-called angel funds.

The Legislature’s interim Political Subdivision Taxation Committee on Tuesday is slated to introduce a draft measure to better scrutinize the funds designed to provide investment dollars for fledgling companies through tax credits.

Committee chairman and Bismarck Republican Rep. Jason Dockter says the program currently lacks accountability to ensure it is creating businesses and jobs in North Dakota.

The incentive allows angel fund investors to claim an income tax credit equal to 45 percent of their investment, or up to $45,000 a year and $500,000 over a lifetime.

The state Commerce Department says investors have claimed more than $16 million in tax credits since the program was started a decade ago.

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