Monday, March 27, 2017

Minnesota Angel Tax Credit: Time for Action!

I returned to work this morning from a spring break trip to Mexico. I certainly expected to have missed plenty of communication about governmental issues (after all, I hadn’t been following any Twitter feeds from our Commander in Chief or even watched one minute of cable news in over a week).

While I gathered there was plenty happening during my absence (including more Russian intrigue and the withdrawal of the Republican health care regulation), I was surprised to see in my inbox an email from the Minnesota Department of Employment and Economic Development (DEED) about the state’s Angel Tax Credit program. The email was a call to action because the Omnibus Tax Bill introduced by House Tax Chair Greg Davids failed to include any provisions for continuing the state’s Angel Tax Credit program beyond the current calendar year. This bill is likely to be followed by similar legislation in the Senate. 

The email asks supporters to contact Roger Chamberlain, Senate Tax Chair, along with Governor Mark Dayton, today to express why this program is important for the growth of entrepreneurial businesses in Minnesota. Here is the contact information for both parties:

The Honorable Roger Chamberlain

Chair, Taxes Committee
Minnesota Senate
2303 Minnesota Senate Building
95 University Avenue West 
St. Paul, MN 55155

Governor Mark Dayton

Lt. Governor Tina Smith
Office of the Governor and Lieutenant Governor
116 Veterans Service Building 
20 W 12th Street 
St. Paul, MN 55155 

Frequent readers know that I have been highly supportive of and posting about the tax credit as far back as 2011, just after the program went into effect. I’ve even posted previous calls to action in support of the credit. The state’s program, as very effectively promoted and administered by DEED, has been a catalyst for early-stage investing in Minnesota-based technology startups. As I indicated way back in that 2011 post, in addition to helping Minnesota startups access the capital they need, the credit may help us keep that one great startup that becomes the next big engine of entrepreneurship—which would more than justify the time and expense involved in retaining the program.

Please act now to preserve this important resource for our entrepreneurial ecosystem.

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