MN Legislature Creates S&T Authority, Passes Tech Initiatives

At the close of the 2010 legislative session in Minnesota this week, several initiatives supporting the state's tech-based economic development agenda were enacted into law. To help make the state more competitive, the Minnesota Science and Technology Authority was established to develop and implement a comprehensive strategy for growing the state's economy through investments in science, technology and innovation.

The 18-member S&T Authority will coordinate public and private efforts to procure federal funding for collaborative R&D projects, work with nonprofit institutions in promoting collaborative efforts to respond to federal funding opportunities, and provide commercialization assistance to Minnesota businesses. A comprehensive science and technology economic development plan will be presented to lawmakers by Jan. 15, 2011. SF 2510 establishing the S&T Authority is available at: https://www.revisor.mn.gov/bin/getbill.php?session=ls86&number=SF2510&version=list.

Adding to the state's portfolio of TBED initiatives, lawmakers passed in March a jobs bill that includes a 25 percent tax credit for individuals and pooled funds that invest in early-stage high-tech businesses (see the Mar. 31, 2010 issue of the Digest). The bill also increases from 5 percent to 10 percent the R&D tax credit for expenditures less than $2 million, makes the R&D tax credit refundable, and extends eligibility to partnerships and S-corporations.

Lawmakers also passed a measure enacting the recommendations of the Minnesota Ultra High-Speed Broadband Task Force. The bill sets a goal for all businesses and residents to have access to high speed broadband by 2015. Another goal puts Minnesota in the top five states for broadband speed and access and top 15 for global broadband penetration by 2015.