For more information contact: Joan Nichols 651-29X-XXXX
St. Paul, MN – Last week the Minnesota House of Representatives passed a package of tax credits designed to stimulate job growth in Minnesota (HF 2695).
“Many businesses and neighborhoods in our community will benefit from today’s passage of a tax incentive bill that expands Tax Increment Financing (TIF) to boost construction and cover infrastructure costs associated with the Central Corridor," said State Representative Carlos Mariani. “The bill contains a provision that waives pooling restrictions, the five-year rule, and the restriction that 75% of increment be spent on blighted property/infrastructure. This means that St. Paul can now use the increment for financing public infrastructure costs of the Central Corridor, such as streetscape improvements, lights, trees or stations.”
The bill provides tax credits to encourage investment in high tech, manufacturing and green businesses. Provisions of the bill include: Angel Investment, R & D Credit and Historic Rehabilitation Tax Credits, expanded Tax Increment Financing (TIF) to boost construction, CARZ for the Ford Motor Plant, and greater flexibility to move forward Phase II of the Mall of America.