Research and Development Tax Credit Contact Minnesota Department of Revenue 651-556-3075 | businessincome.tax@state.mn.us The R&D credit is equal to 10 percent of qualifying expenses up to $2 million, and 2.5 percent for expenses above that level. Qualifying expenses are the same as for the federal R&D credit - defined in Section 41 of the Internal Revenue Code - but must be for research done in Minnesota. Examples include R&D-related wages, supplies and research contracted outside your business. Contributions to qualified nonprofit organizations that make grants to early-stage technology businesses in Minnesota also may qualify.
Minnesota's Angel Tax Credit 651-259-7599 | angel.credit@state.mn.us
The Angel Tax Credit (Small Business Investment Tax Credit, Minn. Stat. § 116J.8737) is intended to encourage equity investment in early stage, technology-based business and encourage job creation by providing tax incentives to investors making investments in start-up companies. The credit encourages start-ups that are focused on developing high technology, using new proprietary technology, or developing a proprietary product, process or service in a limited number of fields. A comprehensive discussion of the structure and operation of the Angel Tax Credit is provided in the publication, Minnesota's Angel Tax Credit.
Launch Minnesota 651-328-3124 | launchminnesota@state.mn.us
Launch Minnesota is a statewide collaborative effort to accelerate the growth of startups and amplify Minnesota as a national leader in innovation. The resources will focus on innovative scalable startups. Visit mn.gov/launchmn to learn more and see a list of grant recipients.
Launch Minnesota Grants Innovation Grants
The Innovation Grant reimburses business expenses, incurred in Minnesota, for research and development, direct business expenses (including wages of employees, but not salaries or wages of 20% or more owners of the business or their family members), and the purchase of technical assistance and services. Qualifying businesses may receive grants up to $35,000, which are disbursed on a 2:1 reimbursement basis (grantee spends $2, then gets reimbursed $1).
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