Governor Dayton’s plan could add 14,000 new jobs in 2012
In an effort to boost what could be the beginning of an economic recovery, Governor Mark Dayton has proposed a bill that can add as many as 14,000 new full-time jobs in Minnesota. I am pleased to be the author of this legislation and am hopeful that it will be acted on in the Senate Jobs Committee in the next couple of weeks.
The proposal would make available a $3,000 refundable tax credit to Minnesota employers who hire new employees in 2012. These are full-time good-paying jobs that could be filled by people who have had a very long and difficult time finding a job, recent college graduates and the many returning veterans that are expected to come back to Minnesota soon.
In order to make sure these state funds actually create jobs in our state, businesses will only be able to apply for the credit after their new employee has completed at least one year of work. While there are many proposals floating around the legislature that hope to create jobs—Governor Dayton’s bill is one of the only ones that ensures it will happen.
This plan is fiscally responsible and does not create a hole in the state budget. In fact, tax proceeds received by the state would be greater than the actual cost of the program. This is accomplished by reducing the size of a loophole corporations are currently utilizing which allows them to funnel revenue through off-shore tax havens such as the Bahamas and Antigua. This practice is unfair and should be ended. The last component of the bill has been called the Main Street Fairness Act and would put our local companies on more equal footing with some internet retailers that are currently avoiding sales tax.
Minnesota needs new jobs now and the governor’s plan would help in this regard. This common-sense plan should be acted on and passed as soon as possible in order to help out our many struggling Minnesota families and our returning veterans.