Minneapolis, MN – Medical Alley Association is thrilled to announce that starting July 1, 2019 the Minnesota Department of Employment and Economic Development (DEED) will be accepting applications for the newly-reenacted Angel Tax Credit Program. Medical Alley Association thanks Senator Paul T. Anderson and Representative Carlie Kotyza-Witthuhn for authoring this bill, as well as Governor Tim Walz for their hard work and commitment to revitalizing this critical program.
“The reenactment of the Angel Tax Credit Program clearly demonstrates that Governor Walz and the Minnesota Legislature are dedicated to Minnesota’s future as the global epicenter of health innovation and care.” Said Shaye Mandle, President & CEO, Medical Alley Association. “Through this program Medical Alley’s world-class startup community can continue to grow and expand on their unique ability to improve and save lives.”
When originally enacted the Angel Tax Credit Program resulted in 57 Medical Alley Association member companies raising nearly $73.5 million from 2012 to 2017, going on to raise more than an additional $246 million from 2018 to 2019. With the loss of the Angel Tax Credit Program the number of companies raising investments dropped from a peak of 102 to 89, a 12.7% drop.
“The reinstatement of the Angel Tax Credit Program provides a great tool for Minnesota companies looking to jump start the next great medical breakthrough.” Said Lee Jones, Founder, President & CEO of Rebiotix Inc. “Through the ATC, Rebiotix received extra investment that enabled us to reach a major clinical milestone in our quest to change the lives of patients suffering from debilitating gastrointestinal diseases. Rebiotix applauds the reinstatement of the Angel Tax Credit Program, and looks forward to seeing it result in more groundbreaking medical developments.”
The revitalization of this tax credit is a big step towards providing a business environment that attracts investment and increases the opportunity for health technology and care organizations to succeed. Medical Alley Association looks forward to continuing to work with lawmakers to move Medical Alley towards realizing its vision of being recognized as the global epicenter of health innovation and care.
Founded in 1984, the Medical Alley Association supports and advances the global leadership of Medical Alley’s healthcare industry, and its connectivity around the world. MAA delivers the collective influence, intelligence and interactions that support Medical Alley.