MN HF2633

Establishes a Greater Minnesota Angel Investment Credit allowing qualified investors to claim a tax credit equal to 50 percent of qualified investments in certified small businesses located outside the Minneapolis-St. Paul metropolitan area.

Qualified investments require a minimum of $10,000 per investor or $30,000 per qualified fund annually, with a $5,000,000 aggregate credit allocation cap and individual annual caps of $125,000 ($250,000 for married joint filers).

Eligible businesses must be located in Greater Minnesota with fewer than 25 employees, operate in manufacturing, agricultural processing, or related research and development, have been in operation 10 years or less (20 years for medical device/pharmaceutical companies), and not have received more than $4,000,000 in prior private equity investments.

Requires a three-year holding period for investments to claim the credit, with exceptions for worthless investments, 80 percent asset sales, business sales, or public stock offerings within 180 days of investment.

Authorizes application fees of $150 for business certification and $100 annual reporting fees, with revenues deposited into a special revenue fund account to cover program administration costs.