Minnesota approved a tweaked version of the angel investment tax credit to broaden the number of companies eligible for the credit and also bring internship salaries back to a market reality.
The change states that up to $4 million in private investment is eligible for the tax credit (previously that number was $2 million). That means, for example, that investors in a company that raised $1 million before it qualified for the tax credit can now receive a tax credit on $3 million of additional investment.
The other change was a minor tweak: altering language around intern salaries. The old version set minimum salaries for nonexecutives at about $20 per hour (at least 175 percent of the federal poverty guideline for a family of four). Now, interns will be paid at a rate that comes to about $12.69 per hour, said LifeScience Alley’s Frank Jaskulke. That wage figure is more in line with what engineering interns would make, Jaskulke said.
To read the full, original article click on this link: Minnesota angel investment tax credit now technically correct, but …
Author:Chris Seper
