Angel Tax Credits helped bring $107 million in private investment and more than 500 new jobs to the state between 2010 and 2012, according to a new report.

The Minnesota Department of Employment and Economic Development touted the results Friday of a new report by the Economic Development and Research Group. State statute required an independent evaluation of the tax credit program after its third year.

“The Angel Tax Credit program has a proven track record of success in assisting promising startups in their early stages of development,” DEED Commissioner Katie Clark Sieben said in a statement.

Angel Tax Credits go to investors who put money into Minnesota startups, particularly high tech companies. Investors are eligible for credits of up to $125,000 per person, per year. The state had $12.2 million in tax credits available in 2014, and as of Friday, $5.4 million remained in the fund.

Among other things, the review concluded that the tax credits could help companies bring another 635 jobs to the state by 2020. When researchers surveyed past investors, 34 percent said they would have made a smaller investment without the incentive of the extra tax credits.

Read the full report here.

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