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State Representative Patti Fritz
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8237
For more information contact: Sandy Connolly 651-296-8877
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ANGEL INVESTOR TAX CREDIT WOULD CREATE JOBS, BOOST ECONOMY
ST. PAUL, MN – Legislation supported by State Rep. Patti Fritz aimed at funneling start-up capital to high-tech entrepreneurs was heard today in a joint hearing of the House Taxes Committee and the House Bioscience and Workforce Development Division.
According to Fritz, the Angel Investor Tax Credit would help Minnesota become a leader in science and technology innovation.
“For decades, Minnesota has been a leader in high-tech business development," said Fritz. “Unfortunately, our ability to generate new business ventures has fallen off in recent years. This credit would offer an added incentive to invest in Minnesota companies.”
Gary Noble, owner of Bio-plastic Solutions LLC in Blooming Prairie, testified on behalf of the legislation.
“If passed, this credit could help me grow my business more easily, add employees and provide them with benefits,” said Noble. “It would be an effective tool to help me stay ahead of my competition.”
Specifically, the legislation would provide a credit equal to 25 percent of the taxpayer’s investment in a qualified business, with a maximum credit of $125,000. Qualifying companies would need to be high-tech with proprietary technology based in Minnesota, have been in operation for fewer than 10 years, have fewer than 25 employees and have not received equity investments of more than $2 million.
Fritz said nonpartisan research estimates that over 6,300 jobs could be created annually if the Angel credit is fully utilized, with over $21 million in state tax revenue generated annually. The average wage of jobs created would be between $43,000 and $55,000 annually.
“We heard loud and clear with the last budget forecast that the quickest way out of our current economic downturn is to create jobs,” said Fritz. “While today is only the first step for the Angel Investor Tax Credit, early indications are it may have the support it needs to pass.”
For more information, please contact Rep. Fritz at (651) 296-8237, 551 State Office Building, 100 Martin Luther King Blvd., St. Paul, MN 55155 or via e-mail at rep.patti.fritz@house.mn.
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- Rep. Fritz: Homeowners, Farmers Need Property Tax Relief - (Posted: 2012-05-01 00:00:00)
- Rep. Fritz: Let’s Vote on a Bonding Bill that Benefits All - (Posted: 2012-04-19 00:00:00)
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