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Minnesota House of Representatives

State Representative Joe Atkins

583 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4192

For more information contact: Matt Swenson 651-297-8406

Posted: 2010-04-06 00:00:00
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NEWS COLUMN

BIPARTISAN SMALL BUSINESS CAUCUS PRODUCES RESULTS

Ninety percent of the work we do every year at the state Capitol is the result of bipartisan efforts. My favorite example of that this year is the success of the Small Business Caucus.

The Small Business Caucus is a coalition of 40 Democrats and Republicans committed to making Minnesota an even better place to do business. Over the last six months, we have been listening closely to small business owners across the state. Using their input, we produced an aggressive legislative agenda to help make Minnesota businesses more competitive.

Six weeks into the 2010 Legislative Session, we have already passed more than one-third of that small business agenda. Last week, the Legislature overwhelmingly passed a Jobs Bill (HF2695) containing several key priorities of the Small Business Caucus, which should help put Minnesotans back to work. Those measures included:

Angel Investor Tax Credit
From Honeywell to 3M, every company starts with a good idea. But small businesses need capital from loans and investors to get those good ideas off the ground.

But right now venture capitalists – private investors in search of the next Google or Apple – have little financial incentive to make investments in growing small Minnesota companies. That’s because other states like Wisconsin have enacted Angel Investor Tax Credits to reimburse investors for supporting start-up companies.

For years state lawmakers have been trying to make Minnesota more competitive by enacting a similar Angel Investor Tax Credit. Because of the work of the Small Business Caucus, we made it happen this year.

Research and Development Tax Credit
Minnesota already has a Research and Development Tax Credit that reimburses large corporations like Medtronic for money they spend on research and innovation to create new products. But small businesses, including high-tech start-ups, aren’t eligible for the credit. The Small Business Caucus wanted to change that – and we did.

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These are just a couple common-sense solutions that will support growing Minnesota businesses and create long-term, good-paying jobs right here in our state. With six weeks left in the legislative session, the Small Business Caucus remains focused on passing more initiatives that will make Minnesota an even better place to do business. These bills would:

• Help community banks lend to small businesses (HF3205)
• Simplify paperwork for small business formation and registration (HF3696)
• Create a one-stop online resource assistance network for entrepreneurs (HF2839)

Please contact me with any questions, concerns, or suggestions in the weeks ahead. Working together we can make Minnesota an even better place to live, work, and do business. I look forward to hearing from you.

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