amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45T. Angel investor tax credit. . (e) Effective date The amendments made by this section shall apply to qualified investments made in taxable years beginning after December 31, 2019. 3. First Employee Business Wage Credit (a) Allowance of credit (1) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by section 2, is amended by adding at the end the following new section: 45U. First Employee Business Wage Credit (a) General Rule For purposes of section 38, in the case of a qualifying business entity, the first employee business wage credit determined under this section for any taxable year is an amount equal to 25 percent of the qualified wages of the entity for the taxable year. (b) Dollar limitations (1) In general The amount of the credit determined under subsection (a) with respect to any qualifying business entity for any taxable year shall not exceed the lesser of— (A) $10,000 (as increased for the taxable year by the cost-of-living adjustment under subsection (f)), or (B) the excess (if any) of— (i) an amount equal to 4 times the amount under subparagraph (A) for the taxable year, over (ii) the amount of the credit determined under this section with respect to such entity for all preceding taxable years. (2) No credit by reason of cost-of-living adjustment after overall limit first reached No credit shall be determined under this section with respect to any qualifying business entity for any taxable year after the first taxable year for which the amount determined under clause (ii) of paragraph (1)(B) equals or exceeds the amount determined under clause (i) of such paragraph. (3) Pass-thru entities If a qualifying business entity is a partnership, trust, S corporation, or other pass-thru entity, the limitations under this subsection shall apply at the partnership or other entity level and