For Immediate Release Contact: Monte Hanson, 651-259-7149
ST. PAUL - A new publication for people who want to learn more about the state's new Angel Tax Credit Program and securities registration is being offered by the Minnesota Department of Employment and Economic Development (DEED).
"Minnesota's Angel Tax - Small Corporate Offering Registration (SCOR)" covers eligibility requirements for the angel tax credit, how the credit works and other details. A separate section explains the Small Corporate Offering Registration (SCOR), which can help businesses raise capital by simplifying the securities registration process.
The publication was a collaborative effort of DEED and the Minneapolis-based law firm of Larkin Hoffman.
"Minnesota has a strong tradition of innovation and growth through small firms," said DEED Commissioner Mark Phillips. "The new angel tax credit will offer a substantial incentive to investors and will direct crucial funding to start-up businesses. The section on SCOR will appeal to similar audiences."
DEED launched its Angel Tax Credit Program last July to provide an incentive for investors and funds to put money into emerging companies focused on high technology or new proprietary technology. The program includes a 25 percent individual income tax credit for qualified investors.
In its first six months, the program attracted $28 million in investments for 66 Minnesota businesses and $7 million in tax credits for 258 investors.
"Minnesota's Angel Tax - Small Corporate Offering Registration (SCOR)" is available for no charge in hard copy and on CD by calling DEED's Small Business Assistance Office at 651-259-7476. It is also available for direct download on the DEED website at www.tinyurl.com/angelSCOR.
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.