Gov Dayton Proposes Closing Corporate Tax Loopholes

Press release from Governor Dayton’s office:
Governor Mark Dayton today unveiled his Supplemental FY12-13 Budget proposal, which invests in jobs, provides needed resources for Police Officers and benefits to Veterans, and funds essential healthcare for the Minnesotans most in need. The Governor’s $60 million supplemental budget is balanced and fiscally responsible, which is in line with his challenge to the Legislature to offset any new General Fund spending with revenues.
Governor Dayton said, “My supplemental budget invests in more jobs for Minnesotans, deserved support for our Police Officers and Veterans, and correcting the most extreme cuts to essential health care made last year. Those are my priorities: the people of Minnesota and good jobs for all of them.”

Currently, our state’s Police Officers and local departments are tasked with buying their own protective bulletproof vests. The state has a fund for reimbursing those purchases to help defray the costs and ensure that the safety of our Police Officers is not left to chance. However, this fund has run dry, and currently there are more than 700 vests awaiting reimbursement due to lack of funds. Governor Dayton’s supplemental budget includes $515,000 so that outstanding and projected reimbursements are paid in full through the end of the biennium.
Highlights of the Supplemental Budget:
Funds the Dayton Jobs Bill. The budget includes $35 million for the Jobs Now Tax Credit, which will put thousands of Veterans, students, and currently unemployed Minnesotans back to work. The budget also includes $2 million for an expansion of FastTRAC and an additional $10 million for the Minnesota Investment Fund.
Increases Benefits for Veterans. The Governor’s supplemental budget provides $915,000 for an expansion of the Veterans GI Bill, $1.05 million in increased funding for County Veterans Service Officers, and keeps the Governor’s commitment for $100,000 in sustained funding for honor guard services.
Reverses Deepest Cuts in DHS. The Governor’s supplemental budget includes $5.9 million for Personal Care Attendant funding, $6.4 million for Medical Education Research Costs, and $4.7 million for emergency, life-saving care like chemotherapy and dialysis for the sickest Minnesotans.
Fighting the Spread of Asian Carp. The Governor’s budget includes $4 million annually for the control of aquatic invasive species.

The Governor’s budget proposal is fiscally responsible, funded without further increasing taxes on individual taxpayers or Minnesota homeowners. Currently, some multi-national corporations who pay taxes in Minnesota receive an 80% tax preference on qualifying overseas income. This type of tax treatment is only available in a few states for multi-national corporations. By simply reducing that tax preference to 62% this year, and 39% in years to come, Minnesota can pay for the types of services and programs we value without affecting our status as a competitive and attractive place to do business.

A complete copy of Governor Dayton’s supplemental budget can be viewed at mn.gov/governor

Michael McIntee

Michael McIntee is a former network TV news executive with more than 30 years of broadcasting experience. He began his broadcasting career at the University of Minnesota's student radio station. He is an expert producer, writer, video editor who has a fondness for new technology but denies that he is a geek. More about Michael McIntee »

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