The bill establishes a pilot program for workforce development scholarships in the Shakopee area, administered by the Shakopee Chamber Foundation. It defines key terms such as "employer-sponsored applicant" and "local employer," and outlines the eligibility criteria for students seeking scholarships. To qualify, students must be enrolled at least half-time in an approved program at a Minnesota state college or university and complete the FAFSA. Scholarship recipients are required to fulfill a three-year full-time employment commitment within the service area, and if they fail to do so, the scholarship may be converted into a loan.

Additionally, the bill appropriates $700,000 from the workforce development fund for the program, which will be used to award scholarships and cover administrative costs. The Dakota-Scott Workforce Development Board is tasked with identifying eligible programs in high-demand occupations and providing annual reports on the program's effectiveness. The bill also includes provisions for local employer tax credits related to scholarships awarded to employer-sponsored applicants, ensuring that local businesses contribute to the funding of these scholarships.