The MN Legislature passed the jobs bill today that will put middle class Minnesotans back to work. House Tax Committee Chairwoman Ann Lenczewski estimated that this bill would create jobs for 5,000 to 12,000 Minnesotans, according to the Pioneer Press.
The bill sailed through the House on a 112-20 vote, then the Senate on a 58-3 vote. It offers tax credits to investors for putting their money into small businesses and historic building projects. This “angel investment” credit would allow the Mall of America to go ahead with its planned expansion and the St. Paul Ford plant to continue operating.
The angel provision offers a 25-percent income tax credit for investments in green companies with fewer than 25 employees and allows the Mall of America expansion to be completed in phases, rather than in a single project. Another section of the bill letts cities and counties provide loans to owners of homes and businesses to pay for energy-saving improvements.
The passing of this bill is huge because hard-working middle class Minnesotans who are looking for jobs can soon start working and supporting their families again.
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