MN SF1421

Creates the Performance Rewards on Fast Investment Today (PROFIT) business program under Minnesota Statutes chapter 469 with tax benefits for qualifying businesses.

Requires PROFIT businesses to be primarily engaged in manufacturing, warehousing, distribution, information technology, finance, insurance, or professional/technical services and create at least 10 new full-time positions earning $35,000 annually (seven-county metro area) or $27,000 (other areas) within two years.

Mandates PROFIT businesses invest at least $500,000 in construction projects including new, expanded, or remodeled facilities within two years of designation.

Provides certified PROFIT businesses up to 12 years of tax refunds on property tax increases from improvements, sales and use taxes on construction materials and equipment, and sales taxes on motor vehicles used in business operations.

Requires local taxing authority approval before commissioner designation and appropriates annual funding from the general fund to pay refunds; effective for taxes payable in 2012 and thereafter.