DEED allocates $12 million in Angel Tax Credits
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. DEED has announced that is has allocated $12 million in Angel Tax Credits for investments in more than 80 Minnesota startup companies so far this year.
The agency said an additional $4 million in tax credits is still available for angel investments specifically targeted at startup businesses based in Greater Minnesota or owned by women or members of minority groups. Any funding for those targeted groups still unused after Oct. 1 will be made available for investments in other Minnesota startups.