1.1 	A bill for an act
1.2 	relating to economic development; requiring reporting from recipients of 
1.3 	bioscience and biotechnology subsidies; proposing coding for new law in 
1.4 	Minnesota Statutes, chapter 116J.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. [116J.996] BIOSCIENCE AND BIOTECHNOLOGY SUBSIDIES.
1.7 		Subdivision 1.Reporting by subsidy recipients. Each recipient of a state subsidy 
1.8 	for bioscience or biotechnology must provide to the commissioner of employment and 
1.9 	economic development two written reports by January 15 each year.  The first report must 
1.10 	address the projected and actual impact, if any, of the subsidy on reducing the unit cost 
1.11 	to consumers of pharmaceuticals, medical devices, and other bioengineered products, 
1.12 	including, but not limited to, agricultural products.  The second report must address the 
1.13 	projected and actual jobs created, including information about wage levels and benefits of 
1.14 	all employees and consultants, as a result of the subsidy. 
1.15 		Subd. 2.Compilation and summary report. By March 1 each year, the 
1.16 	commissioner of employment and economic development must provide to the legislature 
1.17 	a compilation and summary report of the reports received from all recipients of state 
1.18 	subsidies for bioscience and biotechnology in compliance with sections 3.195 and 3.197.

1.19 	EFFECTIVE DATE. This section is effective the day following final enactment 
1.20 	and applies to all state subsidies awarded on or after January 1, 2006.