The bill amends Minnesota Statutes related to the job creation fund, specifically targeting the definitions and requirements for businesses seeking designation as Minnesota job creation fund businesses. Key changes include the introduction of the term "full-time equivalent" to clarify job creation metrics, ensuring that businesses must create or retain jobs with expected work hours of at least 2,080 hours annually or the equivalent. Additionally, the bill specifies that businesses must enter into binding agreements with the commissioner, detailing job and capital investment goals, and outlines the conditions under which businesses can qualify for financial benefits, including capital investment rebates and job creation awards.

Furthermore, the bill establishes a structured framework for the certification of businesses, detailing the eligibility criteria for receiving benefits based on job creation and capital investment achievements. It emphasizes that businesses must maintain certain wage levels for new employees and demonstrates reasonable progress on capital investments within a specified timeframe. The amendments also include provisions for adjusting job creation awards based on wage levels and the ownership demographics of the business, thereby promoting inclusivity and economic development across various sectors in Minnesota.

Statutes affected:
Introduction: 116J.8748