Bill Summary: HF2277

• Establishes a "Jobs Now" tax credit for qualified employers who hire unemployed veterans, recent graduates, or long-term unemployed job seekers, with $3,000 per employee for hires between March 31 and December 31, 2012, and $1,500 per employee for hires between January 1 and June 30, 2013.

• Limits the credit to employers with at least 5 full-time employees on December 31, 2011, caps aggregate credits at $50,000 per employer, and requires employees to earn at least $25,000 in total compensation and work at least 1,820 hours in a 12-month period to qualify.

• Restricts credit applications to first 14,000 employees on a first-come, first-served basis with online application system; construction trades employers may apply separately with renewal requirements at 180-210 days after hiring.

• Reduces the corporate franchise tax deduction for foreign royalties and fees from 80 percent to 70 percent for taxable years beginning after December 31, 2011.

• Creates presumption that out-of-state retailers have sales tax nexus in Minnesota if they pay commission-based residents for referrals generating $10,000 or more in sales during a 12-month period, effective for sales after June 30, 2012.