For more information contact: Matt Privratsky 651-296-6860
State Rep. Sandra Masin
Minnesota House of Representatives
District 51A 651-296-3533 – email@example.com
579 State Office Building, St. Paul, MN 55155
FOR IMMEDIATE RELEASE
CONTACT: Matt Privratsky 651-296-6860
May 16, 2013
HOUSE PASSES DFL JOBS BILL
ST. PAUL, MN – Last night the House of Representatives passed the Jobs and Economic Development Omnibus bill on a vote of 73 to 59. The bill will invest in job creation across the state and it includes a huge tax cut for Minnesota businesses.
“When this session began, we knew we wanted to create jobs for the state,” said Rep. Sandra Masin (DFL – Eagan). “This bill will help create those jobs and strengthen Minnesota’s economy.”
After a decade of disinvestment in economic development, the Minnesota legislature is poised to invest almost $100 million in economic development – a near $60 million increase. The new resources will focus on proven job-creating programs such as $30 million included for the Minnesota Investment Fund, the state’s leading job creation tool. The purpose of MIF is to provide financial incentives to out-of-state companies that are thinking of locating to Minnesota and to in-state companies that are thinking of expanding within the State. DEED estimates that in the last eight years, it has funded 53 projects through MIF and has leveraged over $587 million in private investment.
Along with providing incentives to spark job creation, the Jobs Bill includes a huge tax cut for small businesses. By reducing the rate that employers pay on unemployment insurance taxes, employers will save almost $350 million over the next two years. The average MN employer will save $150 per employee. According to non-partisan House Research, it could be the biggest business tax cut in state history.
“This provision will be a real boost for mom-and-pop small businesses throughout the state,” said Rep. Tim Mahoney, Chair of the Jobs Economic Development Finance and Policy Committee.
After its near elimination under Republican leadership in 2011, the Minnesota Trade Office will be allocated $4.6 million to help create business relationships that strengthen Minnesota’s economic output. The Minnesota Trade Office currently has an office only in China, but these new funds will allow for three new locations to build business relationships across the globe.
The Jobs Bill also includes:
The Jobs bill will now be sent to the Senate for final passage. Once the Senate passes the bill it will head to the Governor for his signature.
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