Bill > SF519

This bill creates a comprehensive tax credit program designed to support graduates and employers in the aerospace and aviation sectors in Minnesota. The bill defines key terms such as "aerospace" and "aviation" broadly, covering both private and public, civil and defense-related flight and space technologies. For qualified employees who have graduated from eligible educational programs and are newly employed in the aerospace and aviation sector, the bill provides a $5,000 annual tax credit for the first five consecutive years of employment. Qualified employers can also receive tax credits: 50% of tuition reimbursed to employees (up to 50% of average program tuition), and 10% of compensation paid to qualified employees (not exceeding $15,000 per employee annually). These credits are only available for taxable years between 2026 and 2030, with credits claimable until 2035. The bill requires the commissioner to submit annual reports on the program's cost and effectiveness, and the credits apply to businesses in various legal structures like partnerships, corporations, and LLCs. The goal appears to be incentivizing education, employment, and economic development in Minnesota's aerospace and aviation industries by providing financial benefits to both recent graduates and their employers.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0519&ssn=0&y=2025