ST. PAUL – Creating new jobs in Minnesota and improving our state’s economy is the top goal of the Legislature’s Reform 2.0 agenda this session. State Representative Greg Davids (R-Preston) said there are a number of initiatives that, if signed into law by Governor Dayton, will assist business owners and ultimately put more people to work.
“Minnesota’s businesses are clearly overregulated and overtaxed,” Davids said. “If we can ease some of these burdens, our business owners are going to invest more of their savings into their products and workforce.”
Legislative leaders toured Minnesota over the fall and winter months, asking residents and business owners for ideas as to how state government can help improve the economy and bring more jobs to this state.
Minnesotans came up with a number of suggestions, some of which have been implemented in the jobs and economy section of the Legislature’s Reform 2.0 proposal. They include excluding the ?rst $100,000 in value of business property from the statewide property tax; phasing out and eliminating the business property tax; freezing Minnesota’s general tax in?ator; establishing a limited moratorium on state rulemaking and regulations; reforming prevailing wage laws to lower the cost of construction projects; and enhancing the Angel Investment Tax Credit - which matches start-up businesses with people looking to invest their money - to spur entrepreneurship and economic growth.
“If we don’t make this a more inviting place to do business, our economy is going to suffer,” Davids said. “The reforms we made last year helped turn a $5 billion deficit into a nearly $1 billion surplus. The reforms we make this year will continue this positive economic progress by encouraging private sector business owners to create jobs.”