ST. PAUL, MN – The House of Representatives passed a robust jobs package today on a vote of 75 to 57 that invests $46 million in funding that will help grow jobs in Minnesota. The omnibus bill also includes provisions for both the Housing and Commerce Committees.
“This jobs plan makes key investments that will strengthen our economy and move our state forward,” said Rep. Ward. “Creating jobs is a big priority this session and this bill is the product of months of work discussing the best way that we can boost job creation.”
One of the largest components of the bill includes $20 million for the Minnesota Investment Fund (MIF). MIF delivers funds to Minnesota cities, which they can offer as incentives to help attract out-of-state businesses to their area. This helps companies bring quality jobs to the state and brings $33 in private investment for every $1 it loans out.
“The Minnesota Investment fund brings the public and private sectors together to create new jobs in the state,” said Ward. “This program is proven to create jobs and provides a great return on investment.”
Another component of the bill invests $18 million for a job creation fund. The job creation fund would give funds to the Department of Employment and Economic Development (DEED) to help businesses make capital investments and create jobs in Minnesota. Other investments include $1.5 million for the Minnesota Trade office to help create business relationships that strengthen Minnesota’s economic output and $5 million for a Fast Trac program to help train those looking to start and grow their own business.
In addition to these job creation efforts, the jobs package includes a large tax cut for Minnesota employers by reducing the rate that employers pay on unemployment insurance taxes. This will save employers up to $350 million in the next few years. The average Minnesota employer will save $150 per employee.
“One of the main goals of these measures is to attract more private business in Minnesota,” said Ward. “The jobs plan uses job training programs and investment incentives to bring more business to our state and grow 21st century jobs.”
Rep. Ward can be reached by phone at (651) 296-7807 or by email at rep.joann.ward@house.mn.
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