MN HF1676

Creates the Performance Rewards on Fast Investment Today (PROFIT) program designating eligible businesses in manufacturing, warehousing, distribution, information technology, finance, insurance, or professional/technical services.

Requires PROFIT businesses to create at least 10 new full-time equivalent positions within two years at wages of $16.80/hour in the seven-county metro area or $13/hour elsewhere, and invest at least $500,000 in construction projects.

Provides eligible certified PROFIT businesses with up to 12 years of tax refunds on property tax increases from improvements and sales/use tax on construction materials, services, and equipment.

Requires commissioner of employment and economic development to certify businesses after they meet job creation, wage, and investment goals, with annual verification of continued compliance with subsidy agreements.

Appropriates sufficient funds from the general fund to the commissioner of revenue to pay refunds under the program.