Purpose of the Bill

The bill aims to create a program that connects students with specific equipment training needs to private sector businesses that have the necessary equipment. This initiative is designed to enhance workforce development by facilitating practical training opportunities for students and aiding them in acquiring skills relevant to high-demand careers.

Main Provisions

• Program Creation: The bill establishes a private sector equipment training opportunity program that acts as a bridge between educational institutions and businesses with necessary equipment.
• Role of the Commissioner: The Commissioner of Employment and Economic Development will collaborate with educational institutions to identify career courses lacking necessary training equipment and recruit businesses to participate in the program.
• Tax Incentives for Businesses: Businesses that provide equipment for training will receive a tax credit equivalent to the market rental cost of the equipment. This credit is applicable against the business's tax due under Minnesota law.

Significant Changes to Existing Law

• Educational Institutions and Businesses: The bill introduces new collaborative responsibilities for public schools, colleges, and universities with businesses to provide practical training.
• Tax Credit and Refunds: A new tax credit system tied to equipment rental costs is introduced, and any refund amounts required will be supported by appropriations from the state's general fund.
• Annual Reporting: The Commissioner must report annually to legislative committees on the program's outcomes, including participation rates, tax credits awarded, and recommendations for improvement.

Relevant Terms

• Workforce development
• Equipment training
• Tax credit
• Career courses
• Employment need
• Educational institutions
• Private sector businesses