State Small Business Credit Initiative
The State Small Business Credit Initiative (SSBCI) was part of the American Rescue Act (ARPA) of 2021 and included $10 billion for state, territory and tribal business finance programs. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. This is the second SSBCI initiative – Minnesota received $15 million through the Small Business Jobs Act of 2010. Minnesota will receive funds in three disbursements over several years. The initial disbursement from Treasury will be approximately $29.5 million.
Category: Tax Credits
More Tax Credits
Minnesota's Angel Tax Credit provides a 25% credit to investors or investment funds that make equity investments in startup companies focused on high technology, new proprietary technology, or a new proprietary product, process or service in specified fields. The maximum credit is $125,000 per person,...
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The Greater Minnesota Job Expansion Program provides tax benefits to businesses located in Greater Minnesota that increase employment. Qualifying businesses that meet job-growth goals may receive sales tax refunds for purchases made during a seven-year period.
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The Minnesota Housing Finance Agency (MHFA) offers a wide range of financial assistance to create and preserve affordable housing, including mortgages, low-income housing tax credits (LIHTC), deferred loans, and grants to prevent homelessness. For more information go to www.mnhousing.gov/sites/multifamily/gettingstarted
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A substantial part of downtown Red Wing is located in a qualified census tract for new market tax credits. New market tax credits are intended to support jobs creation, and are generally not eligible for housing projects.
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Companies that engage in certain research and development (R&D) activities in Minnesota may qualify for the Credit for Increasing Research Activities.
The R&D credit is equal to 10% of qualifying expenses up to $2 million, and 4% for expenses above that level. Qualifying expenses...
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Federal and state income tax credits are available for certified historic rehabilitation projects. Buildings must be listed in the National Register of Historic Places, all work must meet national historic preservation standards, and a multi-part application must be completed and approved by the State Historic...
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The City of Red Wing and its Port Authority have an adopted Tax Abatement Policy to support desirable development, redevelopment or renewal that would not otherwise occur without this type of public assistance. Abatement is viewed as providing less potential public dollars to a project compared...
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