Creating Thriving Local Communities
Endow Minnesota is a legislative initiative to promote community and economic development throughout Minnesota. It will create assets to help Minnesota communities prosper by providing a tax credit to spark increased giving to community foundation endowments.
The proposed legislation will provide an incentive for Minnesotans of all walks of life and all means to build their communities support their local community foundations and sustain the charitable causes that are important to them. Endow Minnesota legislation will provide those who contribute to the permanent endowments of community foundations a tax credit of 20% for any gift of up to $100,000 annually.
Benefits to Communities
Endow Minnesota responds to the unique opportunity presented by a generational transfer of wealth that is occurring right now in Minnesota. According to the Minnesota Generational Transfer of Wealth Study, more than $47.9 billion in wealth will be transferred from one generation to the next in Minnesota through the coming 20 years.
For a description of the benefits of the Endow Minnesota tax credit, read our Giving Forum commentary. To learn more about the vital role of community foundations in improving the quality of life all across Minnesota, check out our spring 2012 edition of Giving Forum.
The positive impact of Endow Iowa through the past ten years suggests great potential for Endow Minnesota.
Enacting Endow Minnesota
Seventeen members of the Minnesota Legislature joined together to introduce Endow Minnesota bills in 2013. These legislators represent support for Endow Minnesota that is bipartisan, coming from communities throughout the state, and based in a commitment to sound community development and tax policy.
Minnesota House of Representatives –
HF1860 Bill Authors
Rep. Paul Rosenthal – Dist. 49B – Edina – DFL [Lead Author]
Rep. Jay McNamar – Dist. 12A – Elbow Lake – DFL
Rep. Greg Davids – Dist. 28B – Preston – R
Rep. Bob Gunther – Dist. 23A – Fairmont – R
Rep. Erik Simonson – Dist. 7B – Duluth – DFL
Rep. Ron. Erhardt – Dist. 49A – Edina – DFL
Rep. Tom Anzelc – Dist. 5B – Balsam Township – DFL
Rep. Joe Radinovich – Dist. 10B – Crosby – DFL
Rep. Glenn Gruenhagen – Dist. 18B – Glencoe – R
Rep. Linda Slocum – Dist. 50A – Richfield – DFL
Rep. Jason Metsa – Dist. 6B – Virginia – DFL
Rep. Frank Hornstein – Dist. 61A – Minneapolis – DFL
Minnesota Senate -
SF1652 Bill Authors
Sen. Roger Reinert – Dist. 07 – Duluth – DFL
Sen. Jim Metzen – Dist. 52 – South St. Paul – DFL
Sen. Tom Saxhaug – Dist. 05 – Grand Rapids – DFL
Sen. Bill Weber – Dist. 22 – Luverne – R
Sen. Lyle Koenen – Dist. 17 – Clara City – DFL
Support from Across the State
MCF is working with the Endow Minnesota bill authors and members of the Minnesota Legislature from throughout the state to advance consideration of the proposal during the 2014 legislative session.
Do you have a story to share about the positive impact of your local community foundation? Have you made an endowed gift that is contributing to the long-term sustainability of your community? We are interested in hearing from you! Contact MCF communications associate Susan Stehling.
Endow Minnesota is an MCF leadership initiative that supports MCF’s public policy goal to expand philanthropy, charitable giving and Minnesota’s community of grantmakers. The Endow Minnesota Task Force, a subcommittee of MCF’s Government Relations and Public Policy Committee is leading the initiative. If you would like to get involved in this effort, contact MCF director of government relations and public policy Bob Tracy.