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 the Faribault area and Minnesota. The omnibus bill also includes provisions for both the Housing and Commerce Committees.
“Growing jobs and strengthening our economy is a big priority,” said Rep. Patti Fritz (DFL-Faribault). “This jobs package makes investments that are proven to help to bring more jobs to Minnesota.”
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 helps to bring the public and private sector together to bring new jobs to communities all over the state,” said Fritz. “This program has a proven track record of creating Minnesota jobs and provides an excellent return on taxpayer 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.
“These measures will improve Minnesota’s economy and make it easier for private businesses to invest here,” said Fritz. “The jobs bill uses a variety of approaches to grow our economy including job training and business incentives—all of which will create jobs here in Faribault and across the state.”
An additional commerce provision in the bill would add additional money for the Office of Broadband Development to ensure rural areas gain access to high speed internet. Broadband internet access has been shown to be lacking in rural areas around the state, which can hinder economic development. Access to broadband internet can make businesses more cost-effective and increase efficiency. Funds for Explore Minnesota Tourism are also in the bill to help promote tourism destinations across the state.
“Greater Minnesota will really benefit from these programs to bring broadband technology up to speed,” said Fritz. “In addition, tourism has always been a big industry here in Minnesota, and continuing that success will improve our economic future.”
Other parts of the bill include a pilot program to increase student achievement and increase the housing stability of highly mobile K-12 students, homeless youth services and trafficked women and youth programs.
Rep. Fritz can be reached by phone at (651) 296-8237 or by email at rep.patti.fritz@house.mn.
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