Letter: Tax relief bill offers host of benefitsLegislation that will put thousands of Minnesotans to work while providing much needed property tax relief was bipartisanly passed last week by the Minnesota House.
By: District 22A Rep. Joe Schomacker, R-Luverne, Worthington Daily Globe
Legislation that will put thousands of Minnesotans to work while providing much needed property tax relief was bipartisanly passed last week by the Minnesota House.
I supported the Tax Relief and Job Creation Act compromise that had been agreed to by the House and Senate. Not only will this help Main Street businesses with tax relief, but it will also provide the tools they need to succeed and create jobs.
A number of economic development initiatives include increasing Minnesota’s investment for the Research and Development Credit, as well as the Angel Investor Tax Credit, which provides incentives to individuals investing capital into startup and emerging companies focused on high technology or new proprietary technology. I was pleased to see language included to focus this credit in Greater Minnesota.
Also included is the provision that allows small businesses to take up-front capital equipment exemptions rather than wait months for a refund, as well as the Greater Minnesota Internship Grant program, which will keep talented workers in rural Minnesota, and encourages hiring veterans by establishing a Veterans Jobs Tax Credit for employers.
Homeowners also see property tax relief in this bill. Those that saw sharp increases in their tax obligations for last year will be able to apply for additional tax relief.
It’s impossible to determine how many jobs this proposal creates. However, there are a number of tax increment financing proposals that would immediately put Minnesotans to work.
Creating more jobs will keep our economy moving in the right direction, and this bill accomplishes this goal.