Minnesota officially opened its angel tax credits program on Monday and here are the first week’s totals:
The state’s Department of Employment and Economic Development (DEED), which is administrating the credits, received 17 certification applications and one requesting the actual credit. The agency has already granted six certifications.
Hmm. Is it my imagination or does that number seem kind of low?
Given the historic passage of the credits and all of the resulting publicity, I would have expected DEED to average more than three or four applications a day. And since Minnesota caps the first year at $11 million, the sooner you get certified and approved, the better.
Of course the program is new and maybe people are trying to figure it out. But remember, the credit does have its critics who would like nothing better to say that there are a waste of time and money.