April 16, 2009: Legislative Report #52

32 Days of Session Remaining, Another 5 Bills

On Thursday April 16, 2009 Legislators introduces another six bills on page 2565, bringing to 2,323 bills introduced so far this year. One Bill, HF 2322, introduced by Tom Rukavina (DFL) District: 05A, creates a completely new state agency. When created the agency called Minnesota Venture Network Board, charged with creating Venture capital investment in Minnesota, by providing up to $50,000,000.00 a year in tax credits. The bill provides no state spending reductions to offset general fund revenue losses with this program. The result is a direct revenue loss to the state general fund, and Minnesota tax payers are taxed an additional $50,000,000.00 a year.