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Office of the Revisor of Statutes

SF 2049 Senate Long Description

"Minnesota Venture Network Act"; creating the Minnesota venture network board to provide tax credits to stimulate venture capital investment in the state, specifying board membership eligibility, composition and duties, meeting requirements and conflict of interest regulation, classifying data, requiring the board in cooperation with department of revenue to establish criteria and procedures for the allocation, transfer and issuance of tax credits, requiring annual reports to legislature and governor, authorizing rules; creating the Minnesota capital fund to facilitate investments in venture funds; creating the Minnesota venture network trust fund as a public trust to utilize new profits of the capital fund; providing for and regulating issuance of certificates and tax contingent tax credits for investment commitment in the capital fund under certain conditions; enforcement provision
(je)