The Department of Employment and Economic Development (DEED) recently reported that over the course of two years, the Minnesota Angel Investment Tax Credit has raked in more than $126 million in private investment for the state. Businesses receiving most of the money are in the fields of software, medical device and biotechnology firms.
“I have supported and authored this legislation in previous sessions because I saw how other states were developing new entrepreneurs by utilizing similar funding sources,” said Senator Metzen. “With large high tech companies in Minnesota, it is evident that we have the basic foundation for success. However, we need to continue to foster and encourage growth in the private markets and not rest on our past success.”
The program allows investors to receive a 25 percent tax credit on investments of $10,000 or more in new high technology companies. The credit is limited to new companies located in Minnesota with fewer than 25 employees. Also, over half of the workers must be employed and paid in Minnesota.
“If businesses qualify and are interested in participating in this program, please contact DEED as soon as possible,” stated Sen. Metzen. “Only $3.3 million in credits are available at this time.” The DEED contacts for this tax credit are: 651-259-7523 or email@example.com.