State officials said Friday that its tax credit program aimed at spurring investors to fund Minnesota start-ups raised $63.1 million last year for local companies, more than double the amount invested in 2010.
Incentives from the Minnesota Angel Tax Credit Program led to funding for 113 budding firms. The program, which started in the summer of 2010, seeks to help local start-ups become well-established names, with the broader goal of creating jobs in the state.
"If one or two of those 113 firms in 20 years is a Medtronic or 3M, with tens of thousands of employees, I think the program will be a success," said Jeff Nelson, the program's coordinator.
As a result of the $63.1 million in funding, investors received nearly $15.8 million in tax credits. The number of jobs created last year won't be released until March.
To read the full, original article click on this link: Minnesota angel tax credit helped raise $63.1 million | StarTribune.com
