More than $5M still available in tax credits reserved for Greater Minnesota

In 2014, the Legislature made positive changes to the Angel Tax Credit Program to make it more useful to businesses in Greater Minnesota. One of the key changes is that $7.5 million in tax credits (out of $16 million) has been reserved for businesses in Greater Minnesota or businesses owned by women and/or minorities until Sept. 30. According to the Department of Employment and Economic Development (DEED), $5.6 million was still available as of March 2. Of the additional $8.5 million in tax credits available for investments in other businesses, $4.9 million remains.

DEED also recently released its 2014 summary report on the program (the full report is not yet available). According to the report, 86 percent of businesses that received funds through the angel investor program were in the metro area and nearly 93 percent of the dollars invested went to the metro. We hope that the changes enacted last year will help allow more Greater Minnesota businesses to take advantage of this program. The GMNP also supports additional language changes that would result in making the program better in Greater Minnesota.

For more information about the program, go to the Angel Tax Credit webpage or watch this video by DEED.