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State Representative Kim Norton
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-9249
For more information contact: Matt Swenson 651-297-8406
NEWS COLUMN
PREPARING TO COMPETE IN A NEW ECONOMY
I enjoyed watching America’s many talented athletes competing in the Olympics these last weeks. It’s remarkable how long and hard they have trained to master their sports. Without years of hard work and preparation, none of those athletes would have had the chance to compete with the very best in Vancouver.
Like an athlete, preparation is critical for Minnesota’s economic success. State Economist Tom Stinson insists we must make wise decisions today that will help Minnesota compete with other states when this recession ends.
The good news is the recession is nearing its end. Stinson told lawmakers this week he believes our economy has finally hit bottom. He predicts a long, slow upward trend toward recovery, with employment reaching pre-recession levels by mid-2012. Still, recovery won’t come unless we keep working to make it happen.
Minnesota must prepare now to compete effectively in the global marketplace. By honing the state’s many nation-leading assets, and addressing our weaknesses, we can emerge from this recession even stronger than before. That important work will require both bipartisan cooperation, and a renewed vision for lasting economic growth.
Believed to be the first of its kind, a new bipartisan Small Business Caucus has been focused on that work over the last many months. Democrats and Republicans working together have sought the constructive input of economic experts and small business owners. Our shared goal is to identify the challenges and opportunities facing small businesses and entrepreneurs, and do what we can as lawmakers to help make it easier to do business in Minnesota.
Over two months we gathered input from 1,080 small business owners from across the state – including Rochester. The insights they provided have been extremely helpful in articulating what Minnesota does well, and identifying some of the state’s competitive disadvantages. In response, we have crafted eight pieces of legislation to begin addressing some of these issues that will:
• Help community banks make more capital available for small businesses
• Responsibly streamline PCA environmental regulations and mandates
• Fast-track small business formation and registration
• Create a one-stop online resource assistance network for entrepreneurs
• Establish an angel investor tax credit
• Expand the research and development tax credit
• Extend the research credit to individual income tax
One additional measure supported by the Small Business Caucus is a bill (HF2849) I authored that would study the similarities and differences between small business start-ups in Minnesota and Wisconsin. The goal of the study is to understand what makes businesses work, which regulations stall business start-ups, and what stands in the way of long-term business success.
The Small Business Caucus and its participants know that these measures alone won’t be enough to put Minnesota in a position of strength coming out of this recession. There is still much more work to do, and many more challenges facing small businesses that must be addressed. But these efforts, if passed, will help make Minnesota a more competitive place to do business.
The Legislature must continue doing everything we can to help Minnesota small businesses grow and compete in a changing global economy. As I’ve mentioned before, in some circumstances this means state government just needs to get out of the way. With better business will come the jobs that are so desperately needed right now. With those jobs will come a brighter future for all Minnesotans.
Please continue contacting me with your questions, concerns, and ideas. I look forward to hearing from you.
Kim Norton
State Representative
District 29B
(651) 296-9249
rep.kim.norton@house.mn
News Items
- Rep. Norton Selected as Vice Chair of House Health and Human Services Finance Committee - (Posted: 2012-12-14 00:00:00)
- It’s Time for Legislature to Get Back to Basics, Balance the Budget Honestly - (Posted: 2012-12-11 00:00:00)
- Second Saturday Coffee Meeting Date Changed to December 9 - (Posted: 2012-12-03 00:00:00)
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