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| SENATE REPUBLICAN MAJORITY CAUCUS INTRODUCES JOBS BILL | ||||||||||||
St. Paul---In an effort to boost Minnesota’s business climate and stimulate private sector job growth, Senate Republican Leaders released their jobs initiative which is Senate file number one. The bill contains three principal components: a phased-in, 50 percent reduction of the business income tax rate; a roll back and freeze on business property taxes and offers regulatory relief.
Deputy Majority Leader Geoff Michel (R-Edina), who also chairs the Senate’s Jobs and Economic Growth Committee, will be the bill’s chief author. “The goal of this legislation is to tell job creators, investors and entrepreneurs that Minnesota is the place to be,” said Senator Michel. “This bill provides a warm welcome to those looking to start a business or expand their current operations. The solution to persistent unemployment and budget deficits is private sector job growth.”
The Senate Republican Jobs Initiative offers significant tax relief through a variety of changes to Minnesota’s burdensome tax structure. Reducing the business income tax and the statewide property tax keeps more capital in the private sector and empowers employers to grow and develop.
“The business income tax is ultimately passed on to the citizens who purchase the goods and services that businesses produce,” said Senator Michel. “Minnesota taxes employers twice on their business property. They pay local property taxes, and the statewide general property tax. That is no way to make Minnesota the most attractive state to do business.”
Upon convening the 2011 Legislative Session last week the new Senate Republican majority immediately began holding formal committee hearings. The first committee to meet was the Committee on Jobs and Economic Growth.
“The Senate Republican Majority Caucus is 100 percent committed to creating a business-friendly environment that stimulates economic recovery through private sector job growth,” said Senate Majority Leader Amy Koch (R-Buffalo). “The first committee to meet and the first bill that was introduced is about getting Minnesotans back to work.”
