Bill > SF2679

This bill establishes a Private Sector Equipment Training Opportunity Program designed to connect students with businesses that can provide specialized equipment training for careers in high-need employment areas. The program, administered by the commissioner of employment and economic development, will work to identify educational institutions with courses lacking necessary training equipment and encourage private businesses to participate by offering a tax credit. Under the program, businesses can receive a tax credit equal to the cost of renting the equipment used to train students, with the credit limited to the equipment's market value less depreciation. The tax credit can be refunded if it exceeds the business's tax liability and can be passed through to partners, shareholders, or owners. Participating educational institutions include public high schools, technical colleges, state community colleges, state universities, and the University of Minnesota. The commissioner is required to submit an annual report by December 31 detailing program participation, courses, businesses involved, tax credits issued, and recommendations for improvement. The program will be effective immediately, with the tax credit provisions applying to taxable years from January 1, 2026, to December 31, 2028.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2679&ssn=0&y=2025