ST. PAUL, MN – Lawmakers in the Minnesota House of Representatives approved a major conference committee bill this week that creates jobs and gives Minnesota businesses a substantial tax cut.
Rep. Peter Fischer (DFL—Maplewood) voted for the bill, which passed by a vote of 73-59. With the Senate passing the same bill this week, it now goes to Governor Dayton’s desk to be signed into law.
The Omnibus Jobs, Commerce & Housing budget bill (HF 729/SF 1057) utilizes proven strategies such as low-interest business loans and job training programs to stimulate economic development and put Minnesotans back to work.
“Small businesses are the engine of our economy, so we’re giving them the tools, incentives, and tax cuts they need to expand and hire more employees,” said Rep. Fischer. “Minnesota is well-known as a great place to live, work, and raise a family. Our jobs bill makes sure Minnesota stays that way by investing in programs that build a brighter economic future for everyone.”
The bill’s major job creation and economic development components include:
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$346 million in tax cuts for businesses, or $150 per employee for the average business.
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$30 million for the Minnesota Investment Fund (MIF) to provide financial incentives such as low-interest loans to out-of-state businesses thinking of setting up shop in Minnesota as well as in-state businesses thinking of expanding.
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$24 million for the Job Creation Fund (JCF) to awards grants to businesses that make a commitment to hire additional employees or make large capital investments.
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$4.6 million for the Minnesota Trade Office to help businesses build relationships overseas and sell goods in foreign markets.
Along with the job creation and economic development components, the bill addresses a lack of affordable housing by investing $22 million in new ongoing funds for the Minnesota Housing Finance Agency (MHFA), the first significant ongoing increase in over a decade.
MHFA is responsible for financing and advancing affordable housing for low- and moderate-income households, helping communities recover from the foreclosure crisis, and preventing and ending homelessness.
“As a member of the Housing Finance and Policy Committee, I’ve heard from lots of individuals, businesses, and organizations about the serious lack of affordable housing throughout our state,” said Rep. Fischer. “We need to fix that problem. This bill takes serious steps to get the job done.”
Rep. Fischer encourages his constituents to contact him with questions and comments about the jobs bill or any other issue. He can be reached by phone at (651) 296-5363, by email at rep.peter.fischer@house.mn , or by postal mail at 421 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.
Constituents can also connect with Rep. Fischer on Facebook at www.facebook.com/RepPeterFischer.