Minnesota’s Angel Tax Credit Program Renewed
6 Aug 2021
Agralite, Arrowhead, BENCO, Brown, Connexus, Light and Power, Crow Wing, Dakota, East Central, Federated, Goodhue, Itasca, Kandiyohi, Lake Country, Lake Region, McLeod, Meeker, Mille Lacs, Minnesota Valley, Nobles, North Itasca, Redwood, Runestone, South Central, Stearns Electric, Steele, Todd, Wright Hennepin
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.