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Across Minneapolis, you’ll find new ideas taking root in old buildings. An abandoned storefront becomes an event center. A former retail space transforms into a furniture shop, a gallery or a gathering place. This is what small businesses do: We reimagine, reinvest and help rebuild the places we call home.
For more than two decades, I’ve been part of that work. As someone who has successfully run G&L Furniture and now leads several local initiatives — including Grassroots Real Estate Development, the Abyssinia Cultural and Event Centers, and the Unity Project — I’ve made it my mission to help revitalize the Lake Street corridor in south Minneapolis. My goal is simple: invest in community-rooted entrepreneurs, create spaces where culture and commerce thrive, and give neighbors the tools to build wealth and lasting opportunity.
But that kind of work takes more than passion. It takes policy support, too.
One of the things that helped us reinvest money into our small businesses, to hire more people and expand our business, is the state and local small business tax deduction that was passed in 2017 under the leadership of President Donald Trump.
Now, as Congress begins work on a new tax package, there’s talk in Washington about letting the state and local small business tax deduction expire. That would be a mistake — and it would hit small-business owners at the worst possible time.
Minnesota is home to more than 520,000 small businesses. We make up more than 99% of all businesses in the state and employ more than 1.3 million people. Whether it’s your neighborhood coffee shop, local contractor or nonprofit event space, small businesses are central to the health of our economy. But we operate on thin margins, and we’re already navigating one of the highest state and local tax burdens in the country.