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1997 SESSION

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SB 1124 Worker training tax credit.

Introduced by: Benjamin J. Lambert III | all patrons    ...    notes | add to my profiles

SUMMARY:

Worker training tax credit. Establishes a tax credit for any taxpayer that provides eligible worker training for a qualified full-time employee. The amount of the credit is 50 percent of the cost of the eligible worker training, up to $500 per employee. One-half of the credit amount may be taken annually for two years. Unused credits may be carried forward for two years. The credit is available for taxable years beginning on and after January 1, 1998, but before January 1, 2003. The Department of Business Assistance shall develop guidelines defining eligible worker training, which shall include courses that are (i) substantially related to the duties of a qualified full-time employee and (ii) taught at a college, university, or community college within the Commonwealth. Only taxpayers that receive a certification from the Department of Taxation before providing or contracting for the worker training are eligible for the credit.


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