Since April 1st, many entrepreneurs and investors alike have been asking all the right questions: what exactly does the passing of the Angel Tax Credit imply from the tax & accounting perspective? And what happens next? What does it really mean for Minnesota?
Updated 4/19/10: added – MOJO Gude to AITC
Updated July: DEED/Angel site goes live!
Join us for a behind the scenes perspective on the experiences from one Minnesota Angel Investor who has been advocating Minnesota Angel Tax Credits for the past 9 years. Learn about the nuances of the bill and the vision moving forward from of Minnesota’s most public Angel Investors, John Alexander. Mr. Alexander is Chairman and Founder of Twin Cities Angels and President at Business Development Advisors, Inc. (no website).
What it means on paper, technically: The Minnesota Department of Employment and Economic Development (DEED) has a solid primer on the parameters that entrepreneurs and investors need to know about HF 2695.3 (see: Small Business Investment Tax Credit Statute – section II). Those interested in taking advantage of Minnesota’s Angel Investor Tax Credit should consult with their respective counsel.
What’s next? From the sounds of things, DEED will have their official application site up and running between June 1st and August 1st. Qualifying as a business and/or an investor is the next step.
What does it really mean for Minnesota? Well, that’s the big question; ultimately, it’s up to both the entrepreneurs and those with a financial interest in the tech community to determine how they want to capitalize on this this win. Only time will tell where and to what extent the passage of this bill impacts the early stage markets (and so on). Stay tuned…