This Minnesota House bill (H.F. No. 2129) proposes the establishment of a Private Sector Equipment Training Opportunity Program to connect students in career-focused courses with private businesses that own the necessary equipment for training. The bill includes the following key provisions:

1. Program Establishment – The program is intended to help students access training on industry-standard equipment by partnering with private businesses.

2. Definitions – The bill defines relevant terms, including eligible students (those enrolled in public high schools, technical colleges, community colleges, state universities, and the University of Minnesota).

3. Duties of the Commissioner of Employment and Economic Development – The commissioner must:

   • Work with educational institutions to identify career courses that lack necessary training equipment.
   • Encourage private businesses to participate by offering training opportunities.

4. Private Sector Equipment Training Tax Credit – Businesses that provide training equipment:

   • Will receive a tax credit equal to the market rental cost of the equipment.
   • Credits are limited to either the rental cost or the depreciated value of the equipment.
   • If the business's tax credit exceeds its tax liability, it is eligible for a refund.
   • Credits can pass through to business owners in partnerships, LLCs, S corporations, or co-owners.

5. Annual Reporting Requirement – The commissioner must submit an annual report (starting December 31, 2027) to the legislative committees overseeing employment and economic policy. The report must include:

   • The number of student participants.
   • The courses and occupations covered.
   • A list of participating businesses.
   • The total tax credits provided.
   • Recommendations for program improvements.

The bill also includes funding provisions to cover tax refund payments.