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State Representative Paul Rosenthal
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-7803
For more information contact: Charlene Briner 651-296-5809
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REP. PAUL ROSENTHAL INTRODUCES RESEARCH AND DEVELOPMENT TAX CREDIT
On the day Minnesota learned that the state’s job numbers are starting to trend upward in the transportation, trade and professional services sectors, a bipartisan group of state lawmakers is seeking to build on that momentum.
Beginning last fall, members of the Small Business Caucus held a series of hearings, gathered testimony from business leaders, economic experts, and small business owners, and crafted a survey that generated more than 1100 responses from business owners across the state. Based on that input, the caucus unveiled a slate of legislative initiatives today aimed at creating a more favorable small business climate in Minnesota, including a bill authored by State Representative Paul Rosenthal (DFL-Edina) which would provide a research and development tax credit to businesses, S-corporations and individuals.
“There is nothing more important to Minnesota’s future than getting more people working again," said Rep. Rosenthal. “Rewarding individuals and businesses for innovation and creativity with a tax credit is just one of the tools we can use to give our business climate the spark it needs to help us regain our competitive edge.”
Working together to put a comprehensive pro-business apparatus in place, Democrats and Republicans are standing behind a legislative agenda to implement common sense reforms, free up additional capital, provide tax relief, encourage entrepreneurship, and better utilize existing state resources to help small businesses succeed. In addition to Rosenthal’s bill, that agenda includes bills that would:
• Helping community banks make more capital available for small businesses
• Responsibly streamlining PCA environmental regulations and mandates
• Fast-tracking small business formation and registration
• Creating a one-stop online resource assistance network for entrepreneurs
• A comparative study of Minnesota and Wisconsin small business start-ups
• Angel investor tax credit
• Extending the research credit to individual income tax
Each of these bills was heard today in the House Bioscience and Workforce Development Committee, chaired by state Rep. Tim Mahoney (DFL – St. Paul).
“These are some practical things we can do to help existing small businesses, and encourage the creation and growth of new and emerging industries,” said Rep. Mahoney, who is also a member of the Small Business Caucus. “The decisions we make today will chart the course of our future, and create the jobs of tomorrow. That’s why we need to think ahead, work together, and proactively do what we can to help build a better business environment.”
Rosenthal acknowledges state government’s limit to disrupt a downward economic spiral and supports the elimination of certain bureaucracy and red tape that create barriers to business expansion. He is especially supportive of the focus the Small Business Caucus has given to meaningful reform and mandate relief.
“We need to get better at providing small businesses and entrepreneurs with information and resources that will help them succeed – whether it’s access to capital, better information, or assistance in navigating some of the regulatory hurdles that stand in their way,” said Rosenthal. “One of the best things we can do is eliminate some of the mandates that cost money and add unnecessary burdens to small businesses.”
Rosenthal continued, “The work we do now to lay the groundwork for recovery will put us in a better competitive economic position as we start to come out of recession. Creating a positive environment that gives small businesses more flexibility will help them survive and thrive in the 21st century.”
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News Items
- STATE REP. ROSENTHAL SWORN-IN AS LEGISLATIVE SESSION BEGINS - (Posted: Jan 9 2013 11:24AM)
- STATE REPRESENTATIVE ROSENTHAL TO HOLD TOWN MEETING - Invites residents to join him for a discussion of the 2010 legislative session - (Posted: 2010-04-22 00:00:00)
- STATE REP. PAUL ROSENTHAL LAUDS START OF WORK ON HIGHWAY 169/INTERSTATE 494 INTERCHANGE - (Posted: 2010-04-07 00:00:00)
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