Minnesota’s newly passed $60 million angel investment tax credit will officially debut the week of July 19. That’s when the state Department of Employment and Economic Development (DEED) will start accepting applications from investors and start-ups hoping to be certified for the program.
“DEED is developing and testing the back office systems which will allow us to manage the Angel Tax Credit Program,” coordinator Jeff Nelson wrote in an e-mail. “Our current expectation is that this work will be largely done by July 16th, allowing us to launch the program during the week of July 19th. Thanks for your patience!”
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DEED also hopes to launch a new website dedicated to the program.
Oh, and since I can’t write a story about angel credits without mentioning Rep. Ann Lenczewski, here’s an interesting thought to ponder.
Assuming House Speaker Margaret Anderson Kelliher becomes the state’s next governor, Lenczewski, the powerful chair of the House Tax Committee and Kelliher ally, is a top candidate to run the Department of Revenue, sources say.
As Revenue Commissioner, Lenczewski will oversee a $100,000 “evaluation” of the angel credit program, a provision that she helped insert into the final bill. That means the legislature’s staunchest opponent of angel credits will be in charge of seeing whether they work or not.
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Here’s what the law says:
“No later than December 31, 2012, the commissioner of revenue, after consultation with the commissioners of management and budget and employment and economic development, shall contract with a qualified outside entity or individual to evaluate the effects of the small business investment tax credit on the Minnesota economy.”
“The program evaluation must include, in addition to any other matters the commissioner considers relevant to evaluating the effectiveness of the credit, analysis of:
(1) the effect of the credit on the level of equity investment in qualified small businesses in Minnesota, including investments by angel investors, venture capital firms, and other sources of equity capital for startup businesses;
(2) the effect of the credit, if any, on investment in firms other than qualified small businesses;
(3) the amount of economic activity, including the number of jobs and the wages of those jobs, generated by qualified small businesses that received investments that qualified for the credit;
(4) the incremental change in Minnesota state and local taxes paid as a result of the allowance of the credit; and
(5) the net benefit to the Minnesota economy of allowance of the credit relative to alternative uses of the resources, such as increasing the research and development credit or reducing the corporate franchise tax rate.”
Hmmmmm.
