Walz Budget Plan includes restoration of Angel Tax Credit Program
26 Mar 2019
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The Medical Alley Tech Association lauds the move, noting that the Angel Investment Tax Credit generated at least $108 million in investment in the state’s health tech industry over a five-year period.
In Governor Tim Walz’s two-year, nearly $50 billion budget plan, heavy emphasis was placed on funding education, roads, and health care. However, Walz also served up support for the startup community with a proposal to restore the state’s Angel Investment Tax Credit (AITC) program.
The tax credit was a state-sponsored rewards program for investors who take high-risk bets on technology-focused products, entrepreneurs or startups. It provided investors or investment funds with a 25-percent credit on investments up to a $125,000 maximum, or $250,000 for married joint filers.