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State Representative Ryan Winkler
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-7026
For more information contact: Matt Swenson 651-297-8406
Press/News Releases
LAWMAKERS ADDRESS MINNESOTA'S VENTURE CAPITAL & ANGEL INVESTING CLIMATE
ST. PAUL The House Bioscience and Emerging Technologies Committee is taking action this week to set our state up for long-term economic growth by working to lure high tech entrepreneurship and strategic venture capital investments to Minnesota. Listening to the advice of prominent venture capitalists, potential investors, and the Executive Director of the Minnesota State Board of Investment Howard Bicker, lawmakers are moving forward on three pieces of legislation poised to put Minnesota on the cutting edge of emerging high-tech industries.
"Making strategic investments in emerging technology industries right here in our state is the course of action Minnesota must take to foster a 21st Century economy and provide jobs well into the future," said State Representative Tim Mahoney (DFL St. Paul) who chairs the House Bioscience and Emerging Technologies Committee. These industries are job creators for Minnesota with a tradition of producing a high return on investment as our long history with companies like Medtronic has proven."
State Economist Tom Stinson has warned that Minnesota has been missing out on the emerging technology industries that have brought such a boon to other states across the country. Thirty years ago, our state was leading the nation in the production and manufacturing of innovative products. These industries created thousands of jobs for Minnesotans. But now, after decades of avoiding taking risks in new ventures, Minnesota's cutting edge economy is not keeping up.
Legislation authored by State Representative Ryan Winkler (DFL Golden Valley/St. Louis Park) would begin changing that. Winkler has authored three bills this session to create a better tax and investment climate for early-stage technology companies. These initiatives would:
1. Allow an individual income and corporate franchise credit for investing in Minnesota high technology businesses (HF3143);
2. Limit the jurisdiction to tax persons investing in certain entities (HF3144); and
3. Request that the Minnesota State Board of Investment partner with venture capital companies investing in Minnesota (HF3142).
"At a time when other states are investing billions of dollars in the technology industries of tomorrow, Minnesota has been doing little," said Rep. Winkler. "By making responsible investments today, we can stimulate a better business climate for these companies and bring tens of thousands of good-paying, sustainable jobs to our state. This will bolster our economy and create sorely needed, long-term economic security for Minnesota."
Rep. Mahoney is adamant that the state simply can't skimp any longer on making responsible state investments in Minnesota's future.
"We've been running our economy on the cheap for decades now," said Mahoney. "If we're serious about maintaining our high standard of living in Minnesota, it's time to do something about it."
News Items
- Statement on Budget Forecast - (Posted: 2012-12-05 00:00:00)
- Statement on Final I-35 W Bridge Settlement - (Posted: 2012-11-13 00:00:00)
- Rep. Winkler: Tea Party Activists Cant Be Trusted to Reform Our Elections - (Posted: 2012-11-01 00:00:00)
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