EVELETH, Minnesota – Iron Range Resources and Rehabilitation Board Commissioner Tony Sertich today testifies on the harmful impact that a proposed cut to the Douglas J. Johnson Economic Trust Fund would have on the ability to create jobs in Minnesota.
Sertich at noon today in Room 15 of the State Capitol testifies before the Minnesota Legislature Omnibus Tax Bill conference committee on House File 42.
Language that would take up to $60 million of the Douglas J. Johnson Economic Trust Fund for state purposes, is contained within House File 42, the Omnibus Tax Bill. The language, which had been contained in the jobs bill, has been transferred to the tax bill.
Sertich is available for comment on the proposed cut.
Created in 1977, the Douglas J. Johnson Economic Protection Trust Fund supports projects that stimulate employment and encourage diversification of northeastern Minnesota’s economy.
A portion of the Taconite Production Tax, paid in lieu of property taxes by Iron Range mining companies, is directed to the fund each year. Interested gained on the fund is used to provide loans for economic development projects.
Iron Range Resources & Rehabilitation Board (IRRRB) is a state economic development agency headquartered in Northeastern Minnesota whose vision is to promote and invest in business, community and workforce development for the betterment of the region.