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Minnesota may start applications for $11M in angel tax credits before Aug. 1

Minnesota economic officials expect applications to be available for the state's angel investor tax credit before the Aug. 1 deadline set by the Legislature.

Dan McElroy, commissioner of the Minnesota Department of Employment and Economic Development, told an audience Monday that his department hopes to have documents related to the tax credit posted on its website as soon as July 1.

McElroy spoke at an angel tax credit panel discussion at ADC Auditorium presented by several local science and technology organizations.

The Angel Tax Credit was signed into law April 1. It set aside $11 million in 2010 and $12 million for each of the following four years for a 25-percent tax credit for investment in Minnesota technology startups.

"We're most interested in jobs, and good paying jobs," McElroy said. "We'd love to see a couple relatively early successes."

Among the criteria for companies to qualify: They must be less than 10 years old and have fewer than 25 employees. Their headquarters and more than half their payroll and employees must be in Minnesota, and all employees must make at least $18.55. Qualifying companies also need to be using or researching proprietary technology in a high-technology field.

More information is available at http://www.positivelyminnesota.com/angelcredit

Source: Dan McElroy, Minnesota Department of Employment and Economic Development
Writer: Dan Haugen
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