ST. PAUL, MN – Lawmakers in the Minnesota House of Representatives approved a major conference committee bill this week that creates good jobs, spurs economic growth, and provides all Minnesotans with greater economic security.
Rep. David Bly (DFL—Northfield) voted for the bill, which passed by a vote of 73-59. With the Senate passing the same bill this week, it now goes to Governor Dayton’s desk to be signed into law.
The Omnibus Jobs, Commerce & Housing budget bill (HF 729/SF 1057) utilizes proven strategies such as low-interest business loans and job training programs to stimulate economic development and put Minnesotans back to work. It also takes serious steps to expand affordable housing and boost clean, renewable energy.
“Creating jobs that pay good wages and provide benefits is one of my top priorities,” said Rep. Bly. “Our jobs bill uses effective, proven tools and incentives that put people to work.”
The bill’s major job creation and economic development components include:
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$30 million for the Minnesota Investment Fund (MIF) to provide financial incentives such as low-interest loans to out-of-state businesses thinking of setting up shop in Minnesota as well as in-state businesses thinking of expanding.
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$24 million for the Job Creation Fund (JCF) to awards grants to businesses that make a commitment to hire additional employees or make large capital investments.
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$346 million in tax incentives for businesses, or $150 per employee for the average business.
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$4.6 million for the Minnesota Trade Office to help businesses build relationships overseas and sell goods in foreign markets.
Along with the job creation and economic development components, the bill addresses a lack of affordable housing by investing $22 million in new ongoing funds for the Minnesota Housing Finance Agency (MHFA), the first significant ongoing increase in over a decade.
MHFA is responsible for financing and advancing affordable housing for low- and moderate-income households, helping communities recover from the foreclosure crisis, and preventing and ending homelessness.
“Expanding access to stable, affordable housing makes our economy stronger,” said Rep. Bly, who serves as Vice Chair of the Housing Finance and Policy Committee. “It means Minnesotans have more money in their pockets to spend at local businesses. We need that to happen if we want our economy to keep growing.”
In addition to investments in housing programs, the bill establishes a solar energy standard of 1.5 percent by the end of 2020 and does not change any law relating to electric cooperatives and municipal power agencies. It also creates an incentive program for the use of “Made in Minnesota” solar panels and equipment.
“I’m pleased this bill recognizes the need to diversify Minnesota’s energy production,” said Rep. Bly. “Consumers and businesses are being squeezed by rising fossil fuel costs. Anyone who’s paid for a tank of gas in the past week can attest to that. By utilizing renewable sources of energy, we can begin to insulate Minnesota’s economy from those price shocks and reduce the emissions that are responsible for climate change.”
Rep. Bly encourages his constituents to contact him with questions and comments about the jobs bill or any other issue. He can be reached by phone at (651) 296-0171, by email at rep.david.bly@house.mn , or by postal mail at 559 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.