CHICAGO — Minnesota Gov. Tim Pawlenty outlined a broad legislative agenda yesterday in his final state of the state address, which focused on job creation, cutting taxes for employers, reining in government spending and eliminating a $1.2 billion budget deficit through cuts.

The Republican governor, who is not seeking re-election this year, proposed the Jobs Creation Bill that provides six forms of tax credits and other incentives for employers. It includes a 20% reduction in the corporate tax rate, a 20% exclusion from taxation on small business, an “angel” investment tax credit for startup companies, a research and development tax credit, a capital gains exemption for qualifying investment, and incentives to promote investment in small businesses.

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