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Minnesota House of Representatives

State Representative Chris Swedzinski

251 State Office BuildingState Office Building
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5374

For more information contact: House GOP Communications 651-296-5520

Posted: 2012-03-07 00:00:00
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LEGISLATIVE UPDATE

News from Representative Swedzinski

This week has been very busy, with long floor sessions every day and various committee meetings. A bill I have introduced was heard in the Property Taxes Committee this week. This bill would require the Department of Revenue to pay certain cities LGA amounts that were not paid in 2011 because the cities did not meet state deadlines. These cities, like every other Minnesota city will have their LGA maintained at the 2010 levels. Echo and Vesta are two area cities that will be assisted with this bill.

Last week we passed the Tax Relief and Job Creation Act. The Tax Relief and Job Creation Act, HF2337 will enable our job creators to hire Minnesotans and continue to grow their businesses in Minnesota and will make Minnesota a more competitive place to do business.

We want Minnesota to become a magnet for the high tech industry. This bill would invest in programs that will grow the medical device and biotechnology industries in our state, creating good paying jobs for Minnesotans.

This bill would also provide an over $25 million increase to the research and development tax credit. Minnesota is a nation-wide leader in the biotechnology industry. It will allow small, start-up biotech businesses to partner with larger, profitable companies to gain access to an immediate infusion of cash so they can hire more employees. This program is based on a similar program that created thousands of jobs in New Jersey.

This bill also provides a permanent $5 million increase to the Angel Investment Tax Credit, increasing the annual limit from $12 million to $17 million. The full allotment of credits has already been utilized since the program’s inception. Currently only six percent of the investment is in Greater Minnesota. If 30 percent of investment is not in Greater Minnesota by the end of 2013, Angel Investors will receive 40 percent credit, instead of 25 percent for investing in Greater Minnesota.

Another provision in this bill will benefit rural Minnesota. The Internship Grant Program, administered through the Office of Higher Education would give a 40 percent grant up to $1,250 per intern to employers. This is a program that aims to attract and keep great talent in Minnesota.

We will be closing the survey soon, so make sure you participate if you haven’t yet.

Sincerely,

Chris

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