Taxes

FORTY SEVENTH MEETING - JOINT MEETING

2009-2010 Regular Session - Tuesday, February 9, 2010

STATE OF MINNESOTA JOINT MEETING
HOUSE OF REPRESENTATIVES EIGHTY-SIXTH SESSION

JOINT HEARING OF HOUSE BIOSCIENCES AND WORKFORCE DEVELOPMENT POLICY AND OVERSIGHT DIVISION AND HOUSE COMMITTEE ON TAXES

The meeting was called to order by Representative Tim Mahoney, Chair of the Biosciences & Workforce Development Policy & Oversight Committee at 10:35 a.m. on Tuesday, February 9, 2010 in Room 200 State Office Building.

The Committee Legislative Assistant noted the role.

Bioscience and Workforce Development members:

Mahoney, Chair
Obermueller, Vice-Chair
Anderson, B
Beard
Brynaert
Gottwalt
Haws
Hilty
Mack
Norton
Peppin
Poppe
Slocum
Winkler

Tax Committee members:

Lenczewski, Chair
Reinert, Vice-Chair
Anderson, S.
Brod
Carlson
Davids
Davnie
Demmer
Dill
Dittrich
Downey
Eastlund
Gardner
Garafalo
Hilstrom
Koenen
Kohls
Lanning
Liebling
Loeffler
Loon
Marquart
Mullery
Murphy
Rukavina
Ruud
Solberg
Tillberry
Zellers

Excused:

Lesch

Opening remarks were made by Chairs Mahoney and Lenczewski. Joel Michael, House Research, presented a comparison of the various bills on Angel Investment.

Representative Davnie presented H.F. 2750

Relating to taxation; providing an investment tax credit; requiring reports; proposing coding for new law in Minnesota Statutes, chapter 116J.290

Representative Downey withdrew his bill and gave his support to H.F. 2750.

Testifying on H.F 2750 were:

C. Mck. (Mac) Lewis, CEP Field Solutions
Harry Norris, Rapid Diagnostics
Tim Mulcahy, Vice President Research, University of Minnesota
Joy Lindsay, Minnesota High Tech Association Board Chair
Gary Noble, President, Diaserve of Blooming Prairie
Scott Marquardt, President, Economic Development Association of Minnesota
Don Gephardt, CEO LifeScience Alley

Joel Michael presented a report on Tax Incentives and Venture Capital Financing.

Testifying:

Representative Peter W. Barca, Wisconsin Majority Caucus Chair
Ward Einess, Commissioner of Revenue
Jay Hare, Partner, Pricewaterhouse Cooper

Representatives Davnie, Lenczewski and Mahoney made closing remarks.

The Joint Committee adjourned at 12:15 p.m.

________________________________________ ____________________________________ Tim Mahoney, Chair, Bioscience & Workforce Ann Lenczewski, Chair, Tax Committee
Development Oversight & Policy Division

_________________________________________
Dianne Ruppert, Committee Legislative Assistant

More Info On This Meeting..

Bills Added:

HF2750 (Davnie) - Small business investment tax credit provided.
HF1136 (Lenczewski) - Taxation; corporate income tax rate reduced, green job incentives provided, small business investment company credit and job growth investment credit established, political contribution refund eliminated, various other tax provisions provided, and money appropriated.
HF1194 (Downey) - Green job incentives provided, green job opportunity building zones provided, small business investment company and job growth investment tax credits provided, tax benefits allowed, conforming changes made, terms defined, and biomethane energy projects allowed.
HF2580 (Lenczewski) - Angel investment grant provided, phase-in of single sales apportionment delayed, and money appropriated.

Audio:
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House TV Video:
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05:15 - Gavel.
10:05 - House Research overview of "Angel Investor" bills.
23:30 - Testimony on "Angel Investor" bills".
Bills referenced during the hearing:.
HF1194 (Downey) Green job incentives provided, green job opportunity building zones provided, small business investment company and job growth investment tax credits provided, tax benefits allowed, conforming changes made, terms defined, and biomethane energy projects allowed.
HF2580 (Lenczewski) Angel investment grant provided, phase-in of single sales apportionment delayed, and money appropriated.
HF2750 (Davnie) Small business investment tax credit provided.
HF1136 (Lenczewski) Taxation; corporate income tax rate reduced, green job incentives provided, small business investment company credit and job growth investment credit established, political contribution refund eliminated, various other tax provisions provided, and money appropriated.
Runs 1 hour, 38 minutes.