HF 3828

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; requiring reporting from recipients of
bioscience and biotechnology subsidies; proposing coding for new law in
Minnesota Statutes, chapter 116J.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [116J.996] BIOSCIENCE AND BIOTECHNOLOGY SUBSIDIES.
new text end

new text begin Subdivision 1. new text end

new text begin Reporting by subsidy recipients. new text end

new text begin Each recipient of a state subsidy
for bioscience or biotechnology must provide to the commissioner of employment and
economic development two written reports by January 15 each year. The first report must
address the projected and actual impact, if any, of the subsidy on reducing the unit cost
to consumers of pharmaceuticals, medical devices, and other bioengineered products,
including, but not limited to, agricultural products. The second report must address the
projected and actual jobs created, including information about wage levels and benefits of
all employees and consultants, as a result of the subsidy.
new text end

new text begin Subd. 2. new text end

new text begin Compilation and summary report. new text end

new text begin By March 1 each year, the
commissioner of employment and economic development must provide to the legislature
a compilation and summary report of the reports received from all recipients of state
subsidies for bioscience and biotechnology in compliance with sections 3.195 and 3.197.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and applies to all state subsidies awarded on or after January 1, 2006.
new text end