MN HF1881

Establishes the Minnesota Regenerative Medicine Research Institute (MRMRI) as a nonprofit collaborative between the Department of Employment and Economic Development, University of Minnesota, Department of Human Services, and private industry partners.

Creates an 11-member board including state commissioners, legislators, university representatives, trade association representatives, and public members to govern the institute.

Establishes a competitive funding program providing grants, loans, or loan guarantees covering up to 30 percent of project costs for regenerative medicine research, requiring nonstate sources to fund at least 70 percent of costs.

Appropriates $8,000,000 for fiscal year 2015 and $9,000,000 for fiscal year 2016 to the commissioner of employment and economic development, with up to 0.5 percent available for administrative expenses.

Repeals the long-term care insurance tax credit under Minnesota Statutes 2012, section 290.0672, effective for taxable years beginning after December 31, 2013; institute expires June 30, 2024 or two years after the last approved project is completed, whichever occurs sooner.