Recent Changes to the MNvest Law in 2017 Minnesota Legislative Session
In order to comply with federal law, the MNvest statue was changed in the 2017 legislative session. Here are some of the highlights from the changes:
- Easier tests to satisfy residency standards prior to offering;
- Issuers may be incorporated in other states (such as Delaware); and
- Added clearer definition for residency of purchase.
Please click here to view additional changes made to the MNvest law.
Legislators Eliminate Angel Tax Credit
Minnesota’s Angel Tax Credit, an incentive program to encourage high net wealth investors and venture capital firms to invest into qualified Minnesota startups, will end on December 31, 2017 as a result of shifting priorities in the Minnesota House and Senate.
As of July 11, 2017, $3.2 million in tax credits remain for targeted businesses. For more information on eligibility requirements and application process, please visit the Minnesota Department for Employment and Economic Development’s (DEED) Angel Tax Credit page.
Minneapolis/St. Paul Business Journal also wrote an article on the termination of the Angel Tax Credit. You can read it here.