A part of the Small Business Jobs Act that President Obama signed recently relates to investments made between September 27 and December 31, 2010. Gains on such investments, if they qualify, will not be taxed at the federal level. This law is meant to serve as an incentive for private investments into small businesses, and may apply to investments made by angels and other investors. One caveat: such investment must be kept for more than five years, which may be in conflict with the exit strategy of some investors.
A blog describing this new law is found here: