ST. PAUL, MN – The Minnesota House of Representatives passed the Jobs, Commerce, and Housing Budget Bill. Designed to encourage and support economic growth in Minnesota, the legislation includes a $346 million reduction in the rate employers pay into the Unemployment Insurance Trust Fund. The bill also includes $66 million in workforce development to help Minnesotans recover from the recent recession.
“As our state recovers from the economic collapse and resulting recession, supporting businesses and working Minnesotans is the right course to take. Coupling a significant business tax cut with new initiatives supporting displaced workers will help get our economy back on track,” said Rep. Kim Norton (DFL – Rochester), who serves on the House Jobs and Economic Development Finance and Policy Committee.
The legislation includes $30 million for the Minnesota Investment Fund (MIF), which helps companies bring high-quality jobs to the state by providing business incentives. In the past, the program has been highly effective – for every $1 provided, MIF returns $33 in private investment. The Department of Employment and Economic Development estimates that in past eight years MIF has leveraged over $587 million in private investment.
Another program included in the bill is FastTRAC. This program brings together MnSCU institutions, employers, and Adult Basic Education programs to help adult learners, who may not have developed basic academic skills earlier, quickly obtain postsecondary credentials needed for high-demand occupations. Many of the students are developing skills for fast growing fields like advanced manufacturing and health care.
The bill also includes several of Rep. Norton’s initiatives:
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The SciTechsperience grant program provides paid internships to college students within science, technology, engineering and mathematics disciplines at small Minnesota companies. This program will help about 300 students get the experience they need to be successful entrepreneurs and employees.
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A pilot program in Olmsted County to help individuals with Asperger's syndrome get and retain employment was included in the bill. The program will provide independent living skills and employment support for disabled individuals – helping them become taxpayers.
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