OPINION: Tax Relief and Job Creation Ac approved by the House
Tuesday, March 27, 2012 5:54 AM
The Minnesota House has approved a comprehensive proposal that's designed to put thousands of Minnesotans back to work.
The plan, called the Tax Relief and Job Creation Act, was chief-authored by State Representative Greg Davids (R-Preston).
"There's no question that this jobs bill that will make Minnesota competitive in the marketplace," Davids said. "The goal is to put more money in the private sector where it can create wealth, rather than in the public sector where it will consume wealth."
Davids said every initiative in this comprehensive jobs plan was included in order to help Minnesota business create jobs. Many of this proposals included resulted from job creation conversations with business leaders at Reform 2.0 meetings held across the state last fall.
The Tax Relief and Job Creation Act freezes the statewide tax on business property for one year and phases out the statewide tax on business property over 12 years beginning in 2014.
It also excludes 70 percent of the first $150,000 of value for all business property in 2013, benefiting small businesses throughout the state especially those in Greater Minnesota.
The plan also increases funding for the Angel Investor Credit and Research and Development Credit, and allows small businesses to take upfront capital equipment exemptions rather than wait months to collect them through a refund.
Other provisions include creating an Internship Grant Program that is aimed at attracting and keeping talent in Greater Minnesota, and providing a tax credit for employers who hire veterans who are disabled, unemployed or receive food stamps.
"We're giving existing businesses a reason to stay here and expand, and encourage others to move here and help employ Minnesota's outstanding workforce," Davids said.