Worker retraining tax credit; sunset date, worker training investment tax credit. (HB2539)

Introduced By

Del. Kathy Byron (R-Lynchburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Sunset date for worker retraining tax credit; worker training investment tax credit. Advances the sunset date of the worker retraining tax credit from January 1, 2022, to January 1, 2019, and creates the worker training investment tax credit to replace it beginning with taxable year 2019. The worker training investment tax credit is a modification of the worker retraining tax credit. Credit is allowed to businesses who provide (i) eligible worker training, defined in the bill, or (ii) manufacturing instruction to students. The provisions relating to manufacturing instruction are identical to those in the expiring worker retraining tax credit. In order to receive credit for eligible worker training, the business must provide training that (i) grants a workforce credential or (ii) is part of an apprenticeship agreement approved by the Commissioner of Labor and Industry. In addition, the recipient of the training must be a qualified employee or non-highly compensated worker, as defined in the bill. The credit equals 35 percent of the expenses incurred by the business in providing the eligible worker training. For the training of a qualified employee, the maximum credit per employee is $500 and for the training of a non-highly compensated worker, the maximum credit per worker is $1,000. The manufacturing provisions of the tax credit expire at the end of taxable year 2021, and the eligible worker training provisions of the tax credit expire at the end of taxable year 2023. Amends § 58.1-439.6, of the Code of Virginia. Read the Bill »

Status

01/09/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/09/2019Committee
01/09/2019Prefiled and ordered printed; offered 01/09/19 19102343D
01/09/2019Referred to Committee on Finance

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