February 17, 2010 | sourced Comments

Part I

Part II

February 11, 2010 | sourced Comments

By Eric Kelsey, Twin Cities Business

“In his annual State of the State address, Governor Tim Pawlenty on Thursday urged the Minnesota Legislature to approve an angel investor tax credit.

In his speech, Pawlenty did not provide details about the angel investor tax credit, but he indicated that the tax credit would be one of the six priorities of his proposed “jobs creation” bill.”

Read More…

February 5, 2010 | sourced Comments

By Thomas Lee, Med City News

“ST. PAUL, Minnesota– I’ll say this about Rep. Ann Lenczewski: she certainly makes Minnesota politics interesting.

The powerful chairwoman of the House Tax Committee, a long time opponent of tax credits for angel investors, has finally embraced the idea, just not the bill actually supported by angel investors like Twin Cities Angels and Rain Source Capital and other groups like the Minnesota High Tech Association, LifeScience Alley, and the University of Minnesota.“

Read More…

MOJO/Minnesota Makes a Move

February 4, 2010 | by Jeff Pesek Comments

MOJO/Minnesota is “a collective agitating for innovation and biz revolution in Minnesota.”  The 11 person group,  facilitated by Ernest Grumbles III & Brad Lehrman, has released their statement on the Angel Tax Credit. For a thorough background and context on the SBITC/Saltzman Bill/Angel Tax Credit situation, see our previous coverage here and here.

Mojo Draft

Small Business Investment Tax Credit (SBITC) aka Angel Tax Credit

January 25, 2010 | by Jeff Pesek Comments

Update IV (2/4/10-2:15pm) – Statement from House Taxes Committee & the House Bioscience and Workforce Development Division:
Angel Investor Credit – House Comm. Press Release

Update III (2/4/10-2:00pm) -Mojo/MN makes a move: http://tech.mn/news/2010/02/04/mojo-minnesota-makes-a-move/

Update II (2/3/10-11:00pm) - Hearing details:

JOINT COMMITTEE: TAXES AND BIOSCIENCE AND WORKFORCE DEVELOPMENT POLICY AND OVERSIGHT DIVISION
TUESDAY, February 9, 2010
10:30 AM
Room: 200 State Office Building – (100 Rev. Dr. Martin Luther King Jr. Blvd. Saint Paul, MN 55155)
Chairs: Rep. Ann Lenczewski, Rep. Tim Mahoney
Agenda: Angel Investor and other Venture Capital Investment Bills

Update I (1/28/10 – 10:30am) – Thanks to those who have indicated their support, so far we’ve received approx. 20 names…way to go! Please continue to spread the good word and don’t hesitate to ask any questions

We’ve been following this topic closely as a result of the need for more exposure and awareness amongst the startup community. This is something that impacts us all, directly or indirectly.

For a thorough background (and what’s at stake), we’ve aggregated a multitude of relevant links, a copy of the draft bill and a call to action from John Alexander (Chairman & Founder of Twin Cities Angels Funds) here.

If you feel that tax incentives can be helpful in generating early stage tech investments (as 29 other states do), speak up here.

January 22, 2010 | sourced Comments

Update III (2/3/10-11:10pm): Hearing Details -

JOINT COMMITTEE: TAXES AND BIOSCIENCE AND WORKFORCE DEVELOPMENT POLICY AND OVERSIGHT DIVISION
TUESDAY, February 9, 2010
10:30 AM
Room: 200 State Office Building – (100 Rev. Dr. Martin Luther King Jr. Blvd. Saint Paul, MN 55155)
Chairs: Rep. Ann Lenczewski, Rep. Tim Mahoney
Agenda: Angel Investor and other Venture Capital Investment Bills

Update II (1/25/10-3:44pm): We have obtained a copy of the Senate Draft Summary 100122

Show your support here: http://tech.mn/news/sbitc-endorsement/

A hearing is scheduled for 2/9/2010 at 10:30 at the State Capitol in front of the joint House Tax & BioScience Committees. Contact us for details…

Original Post:

By Ernest Grumbles III, via Star Tribune

“Angels are individual, sophisticated investors who put money into new and emerging businesses. This is good because most job growth comes from small enterprise.  Sometimes, though, it’s a trick to get angel money to move, especially in a down economy. One way is through tax credits. Minnesota currently has no angel tax credit, but we have the best shot we’ve had in years in getting one passed. “

Read More…

Also, here’s a message we recently received from John Alexander, Chairman and Founder of Twin Cities Angels Funds:

“CEO’s of early stage companies in Minnesota:
As you may have seen in the media, we are preparing for hearings on the Angel Tax Credit.  I would like to have your support for the bill in two ways:

One,  I’d like to get your name on a document supporting the bill, and

Two, if you are available, it would be helpful it you can attend one or more of the hearings.”

We will keep our audience appraised of more activity in this space, including bill text, petitions, and hearing details as their known.  It’s understood that “IT” was  excluded from the original text of the bill but has since been added to cover the sector “In it’s broadest terms”.

For more background on this issue, the aggregated links below appear in chronological order from oldest to newest:

Session Will Feature Competing Angel Investor Bills – Jan 20

Lenczewski Angel Grant Proposal Lambasted By DFL and GOP Critics – Jan 20

Investors May Finally be close to Angel Credit – Jan 19

Shocker! Angel Investment Tax Credit Drive in Minnesota Hits Snag – Jan 13

Can Minnesota Finally Pass an Angel Investment Tax Credit?  Is this A Trick Question? – Dec 10

Please add any links, updates, or insights in comment section.