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| Date: | March 1, 2011 | | Contact Name: | Peter D. Winiecki | | Contact Phone: | (651) 297-8077 | | Contact Email: | peter.winiecki@senate.mn | | For Immediate Release | |
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| SENATE JOBS BILL RECEIVES COMMITTEE APPROVAL Senate File 1 Now Advances to the Tax Committee |
(St. Paul) --- Minnesota businesses and job providers were given strong indication today that the legislature is serious about improving the state’s economy and expanding employment opportunities. Senate File 1, the jobs initiative proposed by the Senate Republican Majority Caucus was approved by the Committee on Jobs and Economic Growth by a bipartisan vote.
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. Late last week, the full body of the Minnesota Senate passed similar regulatory relief relating to permitting in Senate File 42.
“We want to tell job creators, investors and entrepreneurs that Minnesota is the place to grow jobs,” said Deputy Majority Leader Geoff Michel (R-Edina), who is also the bill’s chief author. “We need to lower the costs of doing business and provide certainty to those wanting to start a business or expand their current operations. We feel strongly that the best remedy for the state budget is economic recovery.”
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 expand, invest and develop.
“This bill adds another word in our prescription for economic recovery, and that is growth,” said Senator Ted Lillie (R-Lake Elmo), a coauthor of the bill. “Investment and private sector jobs must be welcomed, not chased away by excessive taxes and regulation. We need private sector job expansion to lift Minnesota out of its near double digit unemployment numbers.”
The bill now heads to the Senate Tax Committee, where it will continue through the legislative process.
