Senate tax bill: Workforce housing tax credits in, job training out
The Minnesota Senate released its tax bill on Monday. Here are some of the highlights that pertain to economic development in Greater Minnesota:
- Workforce housing – The bill includes $5 million for workforce housing tax credits next year and $7 million in each of the two years after that, for a total of $19 million. We are pleased that the Senate was forwarding thinking and chose to add money for the tax credit program now instead of waiting until the next biennium. However, we would still like to see an increase in the amount of money allocated to the program.
- Job training – Unfortunately, the bill does not include any tax credits for the job training program supported by the GMNP.
- Broadband – The bill includes language that will make it easier for local governments to partner with Internet service providers to bring service to their communities. The bill also makes it clear that general obligation bonds can be used for broadband.
- Greater Minnesota Internship Tax Credit – The bill adopts language that makes the tax credit more workable for potential interns and employers. This is improved language that the GMNP originally suggested and supported when the program was first created two years ago.