Legislative Session number- 82

Bill Name: SF0501

E Relating to economic development ARTICLE 1 TAX INCENTIVESProviding an income
tax subtraction for a certain percentage of long term capital gains from
investments in qualified high technology businesses, defining qualified high
technology business, qualified research and computer software for subtraction
eligibility purposes; making the corporate franchise tax credit a refundable
credit and appropriating money to the commissioner of revenue for credit refund
purposes; repealing the research credit limit and carryover provision ARTICLE 2
ECONOMIC DEVELOPMENT Requiring the state board of investment to identify and
invest in Minnesota based start-up businesses meeting board investment
guidelines; creating the high technology venture capital account in the special
revenue fund for investment by the commissioner of trade and economic
development in private venture capital funds providing seed capital for early
stage development of Minnesota based high technology companies expected to
experience high growth, specifying certain investment limits, authorizing
commissioner grants to communities to stimulate local investments in rural
Minnesota industrial business clusters; appropriating money to DTED for transfer
to the account and for the rural industry clusters, to the investment board for
payment of staff costs relating to focusing investment efforts in Minnesota
based start-up businesses and to Minnesota Technology, Inc. for a grant to
Minnesota investment network corporation for seed capital funds ARTICLE 3 HIGHER
EDUCATIONExpanding state appropriations for public post-secondary education
institutions instructional services to estimated expenditures for tuition
waivers for high achieving nonresidents not attending a state institution under
a tuition reciprocity agreement; establishing a lifetime learning grant program
under the supervision of the higher education services office for grants to
state residents acquiring or improving job skills at eligible educational
institutions, specifying applicant, course and institution eligibility
requirements and certain grant limits and certain responsibilities of
participating institutions and the HESO; requesting the board of regents of the
university of Minnesota to establish a partnership with private industry to
leverage research capabilities into economic development results through
creation of a nonprofit tax exempt corporation to be known as the north star
research coalition to be governed by a board of directors; specifying certain
duties of the coalition, requiring funding of certain research projects;
creating the north star research coalition endowment fund, requiring investment
of the fund by the state board of investment and audits by the legislative
auditor; appropriating money to the endowment fund, to the board of regents for
the university contribution to the coalition, for stabilization of funding for
the medical school, for recruitment and retention of faculty, for programs in
the biological and medical sciences and for replacement of revenue lost due to
tuition waivers or for establishment of a merit based scholarship program, to
the board of trustees of the Minnesota state colleges and universities (MnSCU)
for replacement of revenue lost due to tuition waivers or for establishment of a
merit based scholarship program and to HESO for the lifetime learning grant
program(ra, ja)