Legislative Luncheon with Doug Loon, CEO of the Minnesota Chamber of Commerce Recap!
Missed our recent Legislative Luncheon? Don't worry! Here are some key takeaways on the current issues facing Minnesota businesses and recent legislation impacting our economy.
In our recent Legislative Luncheon led by Doug Loon, CEO and President of the Minnesota Chamber, attendees were provided a comprehensive overview of the current challenges facing Minnesota businesses. With a focus on legislative actions impacting the state's economy, Loon shed light on key issues and their implications for local businesses.
Here are some of the key takeaways from Loon's presentation:
1. Real GDP Growth Ranking: Minnesota currently ranks 37th in real GDP growth compared to other states. This highlights the need for strategic measures to boost economic growth and competitiveness.
2. Corporate Tax Rate: Minnesota has the highest corporate tax rate among all 50 states. Addressing this disparity could potentially attract more businesses and stimulate economic activity.
3. Personal Income Tax Rank: The state ranks 6th highest in personal income tax, creating challenges for residents and businesses.
4. Tax Reduction Strategies: Loon presented data illustrating how other states have successfully reduced taxes on both business and personal income.
5. Impact of 2023 Legislative Session: The 2023 session brought forth significant changes, including the introduction of new taxes and requirements. Among these, Earned Sick and Safe Time (implemented in 2024) and Paid Family and Medical Leave (effective from January 1, 2026). Loon highlighted the importance for businesses to navigate these new laws and regulations effectively.
These insights provide valuable context for businesses operating in Minnesota.
For those seeking further information or assistance navigating these legislative changes, the chamber stands ready to provide support. Reach out to us at 952-944-2830 or e-mail pat.mulqueeny@epchamber.org.
As Minnesota continues to evolve economically, staying informed and proactive is essential for businesses to thrive. Together, let's navigate these challenges and drive sustainable growth for our state's economy!
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