Area Business Forums
This past week I spoke at a meeting of the Northfield Downtown Development Corporation along with Representative David Bly. A few days later I spoke at at a gathering of the New Prague Chamber of Commerce along with Representative Laura Brod. With a couple of dozen persons on hand, the topics focused on the recently completed legislative session and the outlook for the next session. Of course there were some concerns expressed about Local Government Aid cuts, rising property taxes, the next state budget, the overall economy, and the health of our downtown businesses.
The legislature did enact several enact several measures designed to improve our business climate. In addition to a $680 million capital investment bill, the House and Senate passed the Angel Investor Tax credit, equal to 25% of taxpayer’s investments in small Minnesota businesses involved in high-tech, bio science, and green manufacturing industries. The Historic structure rehabilitation tax credit (20% of the rehabilitation costs) designed to assist in upgrading historic buildings, was passed along with a Research and Development tax credit. This credit is designed to spur innovations within Minnesota companies by increasing the current 5% tax credit to a 10% tax credit. it also expands eligibility for the tax credit to partnerships and LLC’s, rather than just corporations.
The legislature also directed the Dept. of Employment and Economic development (DEED) to identify at risk businesses in the state and develop tools the state can use to retain and attract new businesses. It also creates a fast action economic response team that would work with at risk businesses to ensure they are utilizing state services and identify their needs to ensure they are being met. The response team would also assist out of state businesses looking to relocate in Minnesota. The Senate also passed a bill that was into law that prescribes DEED to raise private funds for the Office of Entrepreneurship and Small Business Development and maintain a virtual network of resources that are available for new Minnesota business ventures and entrepreneurs.
Finally, the legislature passed a bill this session to fund a comparative study to look at the effects of state regulations on costs and delays in starting a small business in MN, Wisconsin, Iowa, and the Dakotas as well as the typical costs that go along with businesses in retail, manufacturing, and services industries. The study will be conducted by a state higher education institution, and will serve as a guide for future lawmakers as they outline the state’s economic development strategy.
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