1. Short title This Act may be cited as the Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act . 2. Angel Investor Tax Credit (a) In general Subpart D 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: 45T. Angel Investor Tax Credit (a) General Rule For purposes of section 38, the angel investor credit determined under this section for any taxable year is an amount equal to the sum of the credit amounts determined for the taxable year for all qualified investments of the taxpayer. (b) Credit amount For purposes of this section— (1) In general The term credit amount means, with respect to any qualified investment in a qualifying business entity, the lesser of— (A) 10 percent of the amount of the qualified investment determined under subsection (c)(3) for the taxable year, or (B) an amount equal to— (i) 50 percent of such qualified investment, reduced (but not below zero) by (ii) the amount of the credit determined under this section with respect to such qualified investment of the taxpayer for all preceding taxable years. (2) Overall dollar limitation (A) In general The credit amount determined under paragraph (1) with respect to any qualified investment of a taxpayer in a qualifying business entity for any taxable year shall not exceed the lesser of— (i) $10,000 (as increased for the taxable year by the cost-of-living adjustment under subsection (e)(2)), or (ii) an amount equal to— (I) an amount equal to 5 times the amount under clause (i) for the taxable year, reduced (but not below zero) by (II) the amount of the credit determined under this section with respect to such qualified investment of the taxpayer for all preceding taxable years. (B) No credit amount by reason of cost-of-living adjustment after overall limit first reached No credit amount shall be determined under this section with respect to any qualified investment of a taxpayer in a qualifying business entity for