I. Reform Minnesota’s Tax System — We need a tax system that makes it possible for businesses to invest in the new technologies, equipment and research that will allow them to grow.
– Increase the research and development credit, adopt 100 percent sales basis, and eliminate the sales tax on capital equipment.
– Reduce the corporate tax rate by 20 percent beginning in the 2012-13 biennium and set a goal for further rate reductions over the following biennia to achieve a zero rate.
– Long-term we need to implement the recommendations of the 21st Century Tax Reform Commission.
II. Educate for a New Economy — We must invest early, ensuring every child has the opportunity to succeed while making the pathway to post-secondary education seamless with increased accountability, affordability and access.
– Invest $120 million in early childhood learning programs, K-12 education and higher education throughout Minnesota.
– Further integrate Minnesota’s two-year technical and community colleges into the needs of local businesses.
– Long-term we need to pay the K-12 deferrals and accounting shift. Evaluate Minnesota’s higher education system, focusing on achieving the necessary outcome of more Minnesotans with post-secondary education and degrees.
III. Invest in Research and Innovation — Minnesota can lead the nation in turning world-class research into world-class products, companies, and jobs that stay in Minnesota.
– Add $30 million in state funding for basic and applied research at Minnesota’s two- and four-year post-secondary schools.
– Establish a Minnesota Innovation Fund of $145 million to assist in the start-up costs and promote innovation. Innovation funds will also start the transition to outcome-based budgeting.
IV. Streamline Regulation — It’s time to stop talking about the regulatory mish-mash that hampers job development in Minnesota and increase the speed of decision-making for companies competing in a time-sensitive global economy.
– Simplify regulation to reduce redundancies and create a one-stop application procedure.
– Set a reasonable deadline – six months – for permit applications without extraordinary circumstances.
V. Invest in Modern Infrastructure — Minnesota will compete by building assets and investing in a transportation network to move products to markets and workers to jobs.
– Propose and adopt a $400 million bonding bill in 2011 to build and improve roads and bridges.
– Fund innovative programs that support the development of public assets to attract and retain businesses, especially in smaller communities – including business development infrastructure grants.
– Develop an implementation plan to achieve the goals of Minnesota’s Ultra High Speed Broadband Task Force.