Minnesota Angel Investor Tax Credit could expand to $20m annually

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Minnesota-Angel-InvestorsIn spring of 2010, the Minnesota legislature passed a historic bill aimed at spurring early-stage investment in Minnesota startups through a 25% refundable tax credit for qualified investments in qualified companies.

With $60m budgeted over 5 years, the  “Angel Investor Tax Credit” (AITC) allocated up to $11 million in credits for 2010, with $12 million in annual credits for 2011 through 2014, and a sunset scheduled Jan 1, 2015.

“We’ve passed the baton onto you,” Sen. Kathy Saltzman (D-Woodbury) said at the time, referring to the entrepreneurs and investors who rallied for the cause.  And use it they did.

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