MN HF2210

Establishes a Greater Minnesota Internship Program administered by the Office of Higher Education through eligible institutions to provide academic credit for internships and tax credits to employers hiring interns in greater Minnesota (defined as areas outside the metropolitan area).

Requires eligible interns to be juniors, seniors, or students who have completed half their credits in programs closely related to the internship, and internships must be at least 12 weeks long with a minimum of 16 hours per week at minimum wage.

Provides employers a tax credit equal to 40 percent of compensation paid to each qualifying intern, capped at $1,250 per intern and limited to five interns per employer per taxable year, with total statewide credits limited to $1,250,000 per fiscal year.

Requires participating institutions and employers to submit annual reports including number of interns hired, hours worked, and compensation paid; mandates legislative reports by February 1, 2013 and February 1, 2014 on program effectiveness and outcomes.

Appropriates necessary funds from the general fund to the Commissioner of Revenue for refunds and administrative fees (one percent of total credits), effective for taxable years beginning after December 31, 2011.