The Greater Minnesota Internship Tax Credit Program provides a tax credit to eligible employers who employ eligible student interns at locations in greater Minnesota (Counties other than Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright). Eligible employers can apply for a tax credit of up to $2,000 per student intern who completes an eligible internship experience.
To be eligible, employers must:
To participate, postsecondary institutions must be a public college or university or non-profit, baccalaureate or graduate degree granting college or university located in Minnesota. See the list of currently participating colleges and universities.
Eligible employers can apply for a tax credit of up to $2,000 per student intern who completes an eligible internship experience. The amount of the tax credit is 40% of the compensation paid to each eligible student intern during an internship experience; not to exceed $2,000 per student intern or the maximum amount certified by the college.
An employer enters into a signed agreement with a participating Minnesota college to employ each eligible student. The college will certify on the agreement the maximum tax credit amount for which the employer can apply based on employing the student in the specified internship experience. Then, when filing its annual Minnesota tax return, the employer applies for the tax credit for each eligible student intern it employed during the tax year. Employers will want to retain documentation from the college showing the student successfully completed the internship experience and was awarded academic credit.
Interested students and employers should contact the participating college or university.
Colleges or universities interested in becoming a participating institution should contact the Office of Higher Education.