It’s Sunday so I feel like I can go off track a little bit to talk about DEED’s Angel Tax Credit Program because I’d like to see rural businesses take advantage of this. Here’s the program description from the website…
Minnesota’s Angel Tax Credit provides a 25-percent credit to investors or investment funds that put money into startup companies focused on high technology, new proprietary technology, or a new proprietary product, process or service in specified fields. The maximum credit is $125,000 per person, per year ($250,000 if filing jointly). The credit is refundable. Residents of other states and foreign countries are eligible.
There’s $16 million in tax credits available. If you’re a business this can be a great way to entice funders to look at you; if you’re a funder it can be a great way to hedge your bets on emerging Minnesota businesses.
Check out the website for a nice nuts and bolts of how it works and who qualifies.