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State Representative Joyce Peppin
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-7806
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NEWS RELEASE
Peppin Introdues Bill to Enhance Biotech and Medical Product Industries in Minnesota
ST. PAUL--A bill authored by State Representative Joyce Peppin, R-Rogers, that provides research credits and tax benefits for businesses in biotech and health sciences was heard and passed in the Bioscience and Medical Products Division this week.
"Minnesota has been a national center for biotech and medical science technologies," said Peppin. "The measure I authored will create incentives for biotech and health science corporations, such as Boston Scientific, to remain or relocate to our state, bringing with them many high-wage, high-tech jobs to continue growing Minnesota’s economy."
Specifically, the bill (House File 1357) increases the franchise tax credit for businesses that make expenditures to conduct research in the biotech and health sciences fields. The current rate is five percent over $2 million in research expenditures. The Peppin measure increases the amount to six percent. Additionally, the bill authorizes up to $2 million in various tax credits and exemptions to businesses located in health science and biotech zones.
"Minnesota is competing with other states and internationally to lure and keep high-tech jobs in the rapidly expanding realm of medical products production and biosciences," said Peppin. "My legislation will make our state more competitive and help ensure Minnesota remains a leader in medical technologies."
For more information about the legislation, please visit Peppin’s website at www.house.mn/32A. Peppin may be reached by email at rep.joyce.peppin@house.mn; by U.S. Mail at 411 State Office Building, St. Paul, MN 55155; or by phone at (651) 296-7806.
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