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S.F. No. 788 - Small Business Investment Credit Permanency Establishment (1st Engrossment)
 
Author: Senator Paul T. Anderson
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: March 1, 2019



 

This bill would allow $20,000,000 to be allocated annually for credits to qualifying investors for the small business investment credit (commonly known as the “angel investment credit”). The credit was enacted in 2010 and was originally scheduled to sunset after tax year 2014. The credit has been extended over the last several years but expired after tax year 2017. The $20,000,000 in allocations would be ongoing and not subject to sunset. The bill also removes obsolete language. A new section added in the amendment would require the Department of Employment and Economic Development to make applications for the program available on their website within 30 days of enactment.  Effective beginning in tax year 2019.

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