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MN HF2951
Bill
Status
3/12/2014
Primary Sponsor
Shannon Savick
Click for details
AI Summary
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Adds lobbying, gambling, entertainment, professional sports, political consulting, leisure, hospitality, and certain professional services (attorneys, accountants, business consultants, physicians, health care consultants) to the list of disqualified business types for the Greater Minnesota Business Expansion program.
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Extends the commissioner's application review period from 60 days to 90 days, with automatic approval if no action is taken within the extended timeframe.
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Replaces tiered employment expansion requirements (5 employees for small businesses, 10 percent for medium, 21 employees for large) with a uniform requirement: increase employment by 2 employees or 10 percent, whichever is greater.
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Reduces the certification period from 12 years to 7 years, with the period beginning from when the commissioner informs the business of the award rather than from the agreement execution date.
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Caps the sales tax exemption at $2,000,000 annually and $10,000,000 total per business during the agreement period, with the commissioner having discretion to set individual business limits.
Legislative Description
Greater Minnesota business expansion sales tax exemption modified.
Last Action
Introduction and first reading, referred to Jobs and Economic Development Finance and Policy
3/12/2014