The Minnesota Angel Tax credits program that provides a 25% refundable tax credit for accredited angel investors who invest in qualified tech ventures are no longer available for the year 2013.
It appeared that things were moving right out the gate this year, although it’s always difficult to say forsure with the ebb and flow of investment activity; one or two big deals can really put a big dent in in the pot.
“The Angel Tax Credit Program is no longer accepting credit allocation applications because it has exhausted its credits for 2013,” said Jeff Nelson Angel Tax Credit Program Coordinator with the Department of Employment and Economic Development.
Nelson had estimated that the $12.7m allocated would last through spring, although he was surprised at how fast things picked up over the past few weeks. “It’s been very day to day lately.” He did note, however, that “a Senate tax bill appropriates $5M more for this year…as the session ends we should know more soon.”
Demand is up year over year, considering that last years credits were gone by late July.