Minnesota Gov. Tim Pawlenty Thursday signed a bill that will offer more than $50 million in tax credits over five years to investors in early-stage, high tech start-ups.
The House and Senate Tuesday overwhelmingly passed the jobs bill, which included the angel credits, ending an epic, seven-year struggle to make Minnesota more competitive with neighboring states like Wisconsin, whose generous incentives had lured homegrown start-ups across the border.
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Investors say the credits will help establish Minnesota as a credible place to nurture and reward innovation.
Joined by Sen. Kathy Saltzman and Rep. Tim Mahoney, Democratic lawmakers who had long championed angel credits, Pawlenty noted the bill is crucial to reviving Minnesota’s sluggish economy.
“We need to be doing things to encourage more job growth and economic development in the state and this bill takes a big step toward that,” the governor said.
In addition to the angel credits, the bill also doubled a research and development credit to 10 percent for the first $2 million spent on qualified R&D work and 2.5 percent for over $2 million.
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Pawlenty had invested political capital into the angel bill, sending his top tax adviser Ward Einess to conduct delicate negotiations with Democratic leaders.
In the end, the sticking point was how to fund the bill in the face of a $2 billion budget deficit. The two sides ultimately agreed to transfer credits from a program to help poor residents buy gas, a significant departure from the legislature’s traditional focus on social services.
