House Bioscience and Workforce Development Policy and Oversight Division heard about how Minnesota, once a leader in the science industry, is falling behind. According to Session Daily, Dan Mallin, co-chair of the Minnesota Science and Technology Economic Development Project promoted funding the sciences…
Mallin said the state should establish and fund a permanent initiative to help facilitate growth among high-tech industries. In addition, he recommended the state provide tax credits for angel investment, research and development and similar activities.
Looking at a report prepared for DEED, it looks as if Science and Technology folks are recommending an initial appropriation of $500,000,
with subsequent recommended funding levels to be determined, the formation of a Science & Technology Advisory Committee and the following:
Implementation and augmentation of tax credits to induce new investment and job growth
- Establishment of an “angel” investment tax credit for investors in early-stage
companies.- Expansion of the research and development tax credit.
- Establishment of a Small Business Investment Program (CAPCO) to induce insurance companies to invest in early-stage companies.
Fund mechanisms that attract and retain science and technology companies and individuals to Minnesota such as funding for incentives to capture new business growth.
However some members of the division are saying now is the wrong time. We simply don’t have the money to invest.