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Legislative Update: May 28

Posted By Administration, Tuesday, May 28, 2019
The Legislature convened Special Session at 10:00 am on Friday and used up pretty much every second of the time outlined by Governor Walz and adjourned just before 7:00 am on Saturday morning. The DEED budget was part of Special Session Senate File 2 (link here). The Minnesota Investment Fund is appropriated $11,970,000 for FY 2020 and 2021, with the base then set at $12,370,000. The Job Creation Fund is set at $8,000,000 per year. There is not money for the Redevelopment Grant Program, but the language providing DEED authority to transfer money from MIF to Redevelopment is included and can be found of page 7 of S.F. 2.

Additionally, the Angel Investment Tax Credit has been funded with $10,000,000 of one-time money. One-time funding was also provided for the Border to Border Broadband fund for a total of $40,000,000 with $20,000,000 in each FY 2020 and 2021. We expect Governor Walz to officially sign all of the budget bills this week, possibly as soon as today.

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