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ST. PAUL– Keith Downey (R – Edina) announced several efforts to improve Minnesota’s business climate and economy.
Downey announced that he will be the chief author for Governor Pawlenty’s Tax bill in the House, which provides powerful tools to the free market and to job providers working to expand and grow. “This session, as we look to Minnesota's economy to get back on track, it will be critical to undertake the reforms that will empower our job providers in the 21st century economy,” said Downey. The Tax Bill includes:
* 20% reduction in the corporate income tax rate
* 20% tax reduction for small businesses
* 80% tax credit for companies investing in small business
* $10 million in angel investor incentives
* Capital gains exclusion for investments in Minnesota small businesses
* 5% tax credit for research and development
Downey also joined Small Business co-chairs Rep. Denise Dittrich (DFL – Champlin) and Rep. Maria Ruud (DFL – Minnetonka) in announcing the Caucus’ slate of bipartisan legislation to address the specific needs and concerns of small businesses in Minnesota. The Small Business Caucus is proposing a package of bills to:
* Streamline Minnesota Pollution Control Agency (PCA) regulations
* Support the Angel Investor Tax Credit bill
* Expand the Research and Development Credit
* Evaluate the effectiveness of the various state grant and loan resources to Minnesota’s small businesses
* Encourage the deposit of state funds into local and community banks
* Create a Fast-track small business registration process
* Create a study comparing the challenges of business start-up in Minnesota to neighboring states
"Our Small Business Caucus has worked hard to bridge the gap between economic reality and the perceptions of many lawmakers. I'm very pleased we have agreement to pursue these bills this session," said
Downey. "Passing the Governor’s Job Creation Bill and the proposals of the Small Business Caucus will be a step in the right direction, and a positive signal to the business community."
Representative Downey continues to encourage constituents to contact him with feedback and ideas for leading Minnesota along the road of economic recovery.
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Keith Downey represents district 41A which includes the city of Edina
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