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Minn. Republicans: 5-Year Tax Holiday For New Jobs

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Jan 22, 2009 11:49 am US/Central

Minn. Republicans: 5-Year Tax Holiday For New Jobs

ST. PAUL (AP) ― The Republican minority in the Minnesota Legislature is proposing a long thank you to businesses that bring jobs to the state -- a 5-year tax holiday.

The bill from Rep. Kurt Zellers would suspend Minnesota's 9.8 percent business tax rate for companies that relocate to the state and existing businesses that expand.

Zellers says the proposal would attract jobs and make Minnesota more competitive with neighboring states. He says the state budget would also benefit as new employees paid income, sales and other taxes.

Zellers and his colleagues couldn't say how many jobs might be created or how much impact the legislation might make on the state's $4.8 billion deficit.

Republican Gov. Tim Pawlenty has proposed cutting the business tax rate in half over the next six years.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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