A Minnesota program that offers tax credits to angel investors has made its requirements more flexible, due to changes recently approved by the governor and the state legislature.

The program gives qualified individuals a 25 percent tax break on their investments of $10,000 or more in Minnesota start-ups. There are three major changes to the program, said Monte Hanson, spokesman for the Department of Employment and Economic Development.

1. Companies can qualify for the angel tax credit if they have received no more than $4 million in private equity investment. Previously, the ceiling was capped at $2 million.

2. Investment funds with limited liability corporations as members can now qualify for the angel tax credit. The LLC wouldn’t receive the tax credit, but individual investors in the fund could receive the credit if they meet certain qualifications.

3. Minnesota start-ups that qualify for the angel investor tax program can give interns lower salaries than the program previously required. Full-time interns must earn at least 175 percent of the federal minimum wage, bringing it to around $12.69 an hour. That’s down from previously $19.17 an hour, which was based on 175 percent of the minimum poverty level wage for a family of four.

The state’s angel tax credit program brought in more than $28 million in investment to Minnesota start-ups last year. In 2010, 47 jobs were created as a result.