It’s always darkest before the dawn, and for Minnesota, which is suffering from a lousy economy, overspending, and a crippling corporate tax, there is a glimmer of light. The Minnesota legislature passed many of the pro-job tax cut provisions that Governor Pawlenty had proposed in February. In a Democrat-Farm-Labor party controlled legislature, these tax cuts passed 112-20 in the House and 58-3 in the Senate.
The legislature passed the bill (HF 2695) on Monday and Governor Pawlenty signed it into law today in a ceremony at the Minnesota State Capitol. This bill includes a Small Business Investment Refundable Tax Credit (commonly known as an “angel investment tax credit”), an enhanced research & development tax credit, the Historic Structure Rehabilitation Tax Credit/Grant, and tax incentives to renovate a Ford plant in St. Paul. These tax reductions, credits and incentives add up to approximately $31 million in the current budget period and approximately $67 million in the next two-year budget.
This bill is a refreshing departure from the status quo. The 170 lawmakers who voiced their approval last Monday stand on the side of taxpayers, job creators, and investors. They understand that states compete for people, for investment, and for jobs, and by cutting taxes there is hope for Minnesota.
To read ATR’s Press Release on the passage of these pro-job tax cuts Click Here