Angel Tax Credit Program Targets Underserved Groups
10 Feb 2017
The popular Angel Tax Credit Program – which has attracted over $377 million for hundreds of high-tech startups in Minnesota since 2010 – will continue to focus much of its efforts on helping businesses owned by women and members of minority groups and for businesses located in Greater Minnesota.
Half of the over $40 million in investments the program hopes to attract over the next year will be reserved for those businesses. Any leftover tax credits not tapped for investments in those businesses by the September 30 deadline will be available for investments in businesses outside those groups.
In addition, the types of businesses eligible for the program have also expanded. When the Angel Tax Credit Program was created, its focus was to provide an incentive for making equity capital investments in high-tech startups – software, medical device and biotechnology businesses.