Getting people back to work is a top priority.
The public and private sectors must work more collaboratively to navigate through this economic storm. Streamlining government, reforming our regulatory system, and providing tools to business and local units of government to finance business growth or incentivize investment in our state will get our economy moving forward. With a short session and a growing deficit due to high unemployment and lower wages meaning reduced income tax and sales tax receipts, the legislature will view every bill by its job creating potential. Minnesotans can expect a jobs bill directed toward the construction industry and another targeted to investors in start-ups and small business owners.
Established Industries and Emerging Markets
This past year I have been working with the Regional Council of Mayors to identify our economic strengths and weaknesses as well markets that are showing strong growth potential. Through this process we are developing a strategy to guide state policy that will allow these economic engines to operate at full throttle thereby creating more jobs and strengthening our position for investment.
While comprehensive reform in our tax code is needed, I expect the approach the that reform to be slow and deliberate, and likely contentious. Due to the depth of our budget deficit it is unlikely that any reforms will be instituted this year, however, I expect there to be studies conducted over this year on a variety tax related programs. Fiscal disparities, market value homestead credit and property tax relief, sales tax expansion and sales tax exemptions, corporate income tax are some of the issues that will be examined in 2010.