ST. PAUL, Minn. (AP) — Minnesota economic development officials are inviting businesses to apply for tax rebates tied to new hiring and capital investment.
Gov. Mark Dayton and his business recruitment adviser provided details Thursday for a Minnesota Job Creation Fund that launched last week. Companies can qualify for $1,000 to $3,000 per new hire for up to seven years out of the $24 million fund.
It is the latest in a series of subsidy programs lawmakers created or enhanced to incent hiring.
Homegrown or relocated businesses must prove they’ve added at least 10 jobs and invested $500,000 in developments to be eligible. The maximum award is $1 million.
Rebate size also depends on wages. Jobs with a $25,000 salary are worth $1,000. Those paying above $45,000 can fetch a company $3,000.