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Minnesota: Emerging Industries Flourishing in Spite of Fiscal Challenges

Lisa A. Bastian, CBC (June/July 09)
Minnesota is a leader in biotechnology, and rapidly gaining momentum as a top location for alternative energy. More

States Fund Renewable Energy Projects

Richard K. Greene, Senior Consultant, The Williams Group Real Estate Advisors (June/July 09)
Sixteen states have taken the lead in funding for renewable energy projects through tax and production incentives, rebates, grants, and loans. More

Minnesota Moves Forward With Pioneering Biotech Advances, Alternative Energy

Mali R. Schantz-Feld (Jun/Jul 08)
“Despite a challenging national economy, Minnesota continues to be active in growth and innovation,” says Kirsten Morell, communications director for the Minnesota Department of Employment and Economic Development She credits the medical devices, mining, and renewable energy sectors for helping to build Minnesota’s economic growth. More

A Conversation With… Mark Lofthus, Director of Business Development, Minnesota Dept. of Trade & Economic Development

Mali R. Schantz-Feld (Jun/Jul 07)
“While Southwest Minnesota focuses on renewable energy with wind turbine development, rural Minnesota is also very involved in the ethanol industry. As of February 2007, we had 16 ethanol plants, with five more under construction. By 2008, our ethanol production is expected to reach 1 billion gallons, consuming approximately one-fourth of the state’s corn crop.” More
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Minnesota  At A Glance
POPULATION: 5,287,976 (2008)

LABOR FORCE: 2,950,942 (2008)

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES: Health and medical services and products, electronic components, forest products, food products, industrial machinery

EXPANDING INDUSTRIES: High-technology manufacturing, including computer system design, scientific instruments, medical devices, and biosciences; business services; financial activities, mining

COLLEGE GRADUATES: (Age 25 and over) 31.5% (2008)

BASIC BUSINESS TAXES:
Corporate Income Tax:
Corporations’ rate is 9.8 percent of net taxable income in the state; income is apportioned with sales weighted at 84 percent, and property and payroll weighted at 8 percent each (declining to 100 percent in 2014)

Sales and Use Tax: The general sales and use tax rate is 6.875 percent; special tooling and capital equipment and machinery used by manufacturers are exempt

Property Tax: Personal property, including machinery and inventory, is exempt from property tax; local governments tax all real property not specifically exempted; each property’s assessed value is multiplied by 1.5 percent for the first $150,000 of value and 2.0 percent of any value over $150,000; this new value, or the tax capacity, is multiplied by the local and state property tax rates plus any local referendum rate to determine property tax liability

BUSINESS INCENTIVES:
Job Opportunity Building Zones (JOBZ) (tax-free areas)
Minnesota Investment Fund Program
Minnesota Job Skills Partnership

Minnesota Chart
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