06/08/83 - Laserfiche WebLink

Home

Enterprise Zones, cont. counting border cities). *Tax incentives which the state will offer include a sales tax exemption for construction materials and equipment; income tax credit for non-construction ~ payroll costs or wages (maximum of $3,000 per employee); income tax credit for construction financing; and a state property tax credit for part of the property taxes on a new or expanded facility. These are in addition to a locally funded property tax reduction. COMMERCIAL AND INDUSTRIAL PROPERTY Taxable value for commercial and industria~ property is reduced by changing the classification ratio on the first $50,600 of market value from 40% to 34%. "BUY MINNESOTA" Minnesota workers and businesses, as part of an effort to improve state economic conditions, will be given preference in the awarding of state contracts. If bids are taken, the Minnesota company 6ffering the lowest bid -- provided it is not more than 10 percent higher than the lowest nonresident's bid -- will be awarded the contract. In addition to services, state agencies are expected to give preference to goods produced in Minnesota wheneger possible. AGRICULTURAL PROMOTION AND FOREIGN TRADE The Legislature appropriated over $5 million for new iniatives in agricultural promotion and foreign trade. The state Department of Agriculture will be given responsibility for overseeing foreign trade and export promotion. WORLD TRADE CENTER The Legislature appropriated $50,000 for a World Trade Commission to study the feasibility and the benefits of a world trade center. EXPORT INFORMATION OFFICE New legislation creates an export information office and an export finance authority within the Department of Agriculture to provide financial assistance to exporters of Minnesota products. OFFICE OF TOURISM A State Office of Tourism was created, and more~than $8 million was appropriated, to promote tourism in Minnesota. ENERGY AND ECONOMI~ DEVELOPMENT AUTHORITY An Energy and Economic Development Authority will be created to replace the Small Business Finance Agency. The Authority will provide loans and other financial assistance to businesses in designated enterprise zones. S~LALL BUSINESSES Minnesota businesses with less than 50 employees or gross sales of less than $4 million will receive special considerations in the administrative rule-making process. These considerations include less stringent compliance and deadlines. - 4 -