If Minnesota keeps this up, expanding the $60 million angel investment tax credit won’t just be a nice idea, it will be a political necessity.
According to the state Department of Employment and Economic Development (DEED), Minnesota has awarded $1.5 million in credits to angels, up from $573,000 in late August — a nearly three-fold increase in less than two months.
More importantly, 11 companies have raised $6 million since July 17 when the law went into effect, according to LifeScience Alley.
Speaking of LifeScience Alley, the group hasn’t made an official endorsement of a candidate for Minnesota governor, but it seems to be leaning toward Tom Horner from the Independence Party.
“We have with the staff of all three major party candidates to brief them on our industry and concerns,” according to LifeScience Alley’s monthly political newsletter. “The response has been positive from each. Each candidate has strong positive attributes, and only Tom Horner does not have a glaring negative.”
The group cited Democrat Mark Dayton’s call to increase taxes on the wealthy and GOP nominee Tom Emmer’s proposals to cut higher education and state health programs as examples of “glaring negatives.”
