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 enroll 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 mandates the Dakota-Scott Workforce Development Board to identify eligible programs in high-demand occupations and establish partnerships with local employers to match scholarship funds. It includes provisions for a local employer tax credit for contributions made towards scholarships and requires the foundation to submit an annual report detailing the program's outcomes. The bill appropriates $700,000 from the workforce development fund for the program in fiscal year 2024, with the funds available until expended.