Governor Mark Dayton’s New Jobs New Jobs Tax Credit is focused on immediate job creation. It would provide businesses with a $3,000 tax credit for each unemployed Minnesotan, Veteran or recent graduate hired in calendar year 2012 and a $1,500 credit for each new hire through June 2013. This $35 million initiative would create over 10,000 new, private-sector jobs each year.
As Minnesota emerges from a deep recession, the focus of the legislature needs to remain on job creation. Today, 55,000 more people are employed than at the height of the recession, but many more remain jobless. The New Jobs Tax Credit is designed to give local businesses an incentive to hire unemployed Minnesotans, especially those who were hardest hit by the recession, Minnesota veterans and recent college graduates.
Minnesota National Guard’s Adjutant General, Richard Nash, recently reported that of the over 3,000 Minnesota Guardsmen and women presently serving in Kuwait, 22% of them will be unemployed, when they return home. The New Jobs Tax Credit will ensure that we reverse this shameful fact and make sure all of Minnesota’s veterans return to jobs in their hometowns across the state of Minnesota.
Recent college graduates have transitioned from our State’s colleges and universities into one of the worst economies since the Great Depression. We need make sure that the skills and training that they have received stay in Minnesota and contribute to our growing economy. It is imperative that the legislature keep the brightest minds in Minnesota working.
The legislature has begun the hearing process on Governor Dayton’s tax credit proposals, a crucial first step in getting 10,000 Minnesotans back to work. By passing the New Jobs Tax Credit, we have the opportunity to make a smart investment in thousands of unemployed Minnesotans, veterans, and recent graduates across the state of Minnesota.