Minnesota’s angel tax credit program debuted last week, which means you can now regularly check who made the cut.
Go to the state Department of Employment and Economic Development’s (DEED) angel website, scroll down to the bottom of page and click on the links under “Lists of Certified Businesses, Investors and Funds.”
Investors (individuals or those belonging to angel funds) who fund qualified high-tech startups are eligible to receive a 25 percent tax credit up to $125,000 per year for a single person and $250,000 for married couples filing jointly. The program is capped at $11 million in 2010 and $12 million for 2011-2012.
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Here are the first five participants (drum roll please):
- Twin Cities Angels II LLC — The first TCA fund has invested at least $2 million in 10 startups including companies that make robots, medical devices, beer and reusable envelopes. The second fund hopes to distribute an estimated $2.5 million to 15 companies over the next two years.
- OrthoCor Medical Inc. –– The St. Paul-based startup is developing a device that uses pulsed electromagnetic energy to treat knee pain.
- Donald B. Schreifels
- Sheri L. Aggarwal
- Charles T. Floyd