Minnesota Senator Terri Bonoff and a handful of peers have recently introduced SF 2624 as an amendment to the Minnesota Angel Investment Tax Credit (AITC) that dates back to 2010.
The proposed legislation also builds off another bill that was passed into law earlier this year known as MNvest that has been waiting for nine months at the mercy of Mike Rothman at the Minnesota Department of Commerce. This rulemaking process itself could take up to two years to complete before intrastate crowdfunding is available in the first place.
The intention of SF2624 is to expand the definition of “qualified investor” to those investors who participate in a MNvest offering.
For now, SF 2624 has been referred to the tax committee, essentially “laid over” as the committee is unsure whether there will be a tax omnibus bill this session.
- On The Record With Minnesota’s Department of Commerce Concerning MNvest
- Would MNvest crowdfunding draw investors?
- MNvest Survives The Minnesota Department of Commerce