In making a fiscally responsible decision, you will be glad to know that the Congressional Budget Office, reports that it would produce an estimated reduction in deficits of $82 million over the 2010-2020 period. Further, the legislation is paid for under the Pay-As-You-Go procedure.
In making your decision, you may be interested in the opportunities for Minnesota. One of the main provisions is The Build America Bond program, which provides a subsidy payment to state and local governments for a portion of their interest costs on taxable government bonds issued. In April, 2009, the University of Minnesota was the first institution of higher education to issue debt under the new Build America Bonds program. Further, just Tuesday, “the Minnesota Public Facilities Authority announced that it will take bids on $380 million of new-money and refunding state revolving fund bonds, including taxable Build America Bonds, to finance clean water and drinking water loans.” This will help 325 communities thoroughout Minnesota with the Metropolitan Council that serves Minneapolis-St. Paul being the largest.
Another component of the legislation would extend the allowance period for state and local governments to issue Recovery Zone Bonds by one year, through 2011. Scott County calculated that $6.6 million under this program could “attract private investment through lower borrowing costs, improve tax base and employment.”
And to help encourage investment in Small Business, the bill would temporarily increase the exclusion from taxable income on the amount of gain on sales of small business stock from 75 percent to 100 percent of the gain, through December 31, 2011.
To pay for this the legislation also would limit the ability of U.S. subsidiaries of foreign corporations to benefit from U.S. tax treaties.
In summary, the bill encourages JOBS in America, provides opportunities for Minnesota, and reduces the deficit.
The legislation was approved yesterday and Mr. Kline is already on record having voted NO.
This is not the first time that Mr. Kline has not voted in our best interests as detailed in an excellent commentary entitled Small Business Climate: Kline Has the Wrong Forecast.
Mr. Kline is too interested in being part of the NO faction of the Republican Party (the NO faction represents the Neo-Con Obstructionists.)
Ms. Madore gets it …
Our community needs someone who will fight for transportation improvements to make the commute a little easier and find ways to improve educational opportunities for our kids and displaced workers. We need a strong leader focused on fixing our economy by easing the burdens on small businesses. We’ve bailed out the large corporations on Wall Street while our Main Street shops have been left behind.
Mr. Powers is a Small Business owner who has first hand understanding of the importance of JOBS.
Minnesota needs someone who will represent them and not just fight partisan battles.