Minnesota’s Angel Tax Credit Program Renewed
Friday, August 06, 2021
Minnesota’s Angel Tax Credit program has been very popular with investors and entrepreneurs since it launched in 2010. Early in this year’s legislative session, backers of the program put out the call to renew the program citing its importance to the state’s startup ecosystem and the Minnesota economy as a whole.
But somehow amid the focus on Covid-19 recovery and other big issues at the Capitol this year, news about fate of the tax credit program got lost in the shuffle. The program received $15 million in new funding: $10 million for 2021 and $5 million for 2022. Gov. Tim Walz signed the omnibus budget bill on June 30.
Steve Grove, Commissioner of the Minnesota Department of Employment and Economic Development (DEED), said that the Angel Tax Credit funding may not have drawn much notice in the shadow of the state’s large jobs bill.