Bill introduced to give angel investors tax credits in Minnesota
On Monday Representative Ron Kresha, R-Little Falls, officially introduced HF933, a bill with wide bipartisan support and a number of DFL co-sponsors that would promote existing tax credits to businesses in Greater Minnesota.
"Far too few small businesses in Greater Minnesota are taking advantage of these angel investment tax credits," Kresha said. "In 2010 and 2011, just 10% of the businesses who received the tax credits were from Greater Minnesota. These tax credits were design to boost businesses in all of Minnesota, not just the seven-county Metro area. Greater awareness of the tax credits available to eligible small businesses means more jobs for Greater Minnesota."
Rep. Erickson (DFL - Baudette) signed on to support the bill.
"This allows businesses to get credit for investing in new jobs," said Rep. Erickson. "We need to encourage businesses to make these investments because it will benefit every local community where this takes place. And for greater Minnesota, this is even more important."
The bill was referred to the Jobs and Economic Development Finance and Policy Committee, where it awaits further action. Kresha said he expects the Senate companion to be introduced in the coming days by Senator Paul Gazelka, R-Nisswa.
Throughout the legislative session, Rep. Erickson encourages all constituents to contact him directly with any questions, comments, or concerns on any legislative issue. Rep. Erickson can be reached by phone at (651) 296-4265 or by email at email@example.com.