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Legislative News and Views - Rep. Ginny Klevorn (DFL)

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Release: Rep. Klevorn Applauds Governor Walz’s COVID-19 Recovery Budget

Tuesday, January 26, 2021

SAINT PAUL, Minn. — Governor Tim Walz today announced his budget proposal for the next biennium. As Minnesota continues to battle the COVID-19 pandemic, Governor Walz’s  COVID-19 Recovery Budget supports working families, ensures students catch up on learning, and helps small businesses stay afloat while driving economic recovery.

Rep. Ginny Klevorn (DFL-Plymouth) applauded the inclusion of a $7 million investment for the Angel Tax Credit, which is a key primary economic development tool in Minnesota to assist early stage businesses engaged in technological innovation by providing a tax credit to investors or investment funds that make an equity investment.

“Governor Walz’s budget confronts the challenges our economy faces today while investing in the future to ensure we emerge from this crisis stronger than before,” said Rep. Klevorn. “Strong investments to our local brick and mortar infrastructure, especially in Plymouth, will help us recover and rebuild faster in Minnesota.”

The Angel Tax Credit program has resulted in over $461 million of private investment in Minnesota startups, leveraged by the state’s issuance of $111 million in tax credits to angel investors.