A. As used in this section, unless the context clearly requires otherwise:
"Eligible worker retraining" means retraining of a qualified employee thatpromotes economic development in the form of (i) noncredit courses at any ofthe Commonwealth's community colleges or a private school or (ii) workerretraining programs undertaken through an apprenticeship agreement approvedby the Virginia Apprenticeship Council.
"Qualified employee" means an employee of an employer eligible for a creditunder this section in a full-time position requiring a minimum of 1,680 hoursin the entire normal year of the employer's operations if the standard fringebenefits are paid by the employer for the employee. Employees in seasonal ortemporary positions shall not qualify as qualified employees. A qualifiedemployee (i) shall not be a relative of any owner or the employer claimingthe credit and (ii) shall not own, directly or indirectly, more than fivepercent in value of the outstanding stock of a corporation claiming thecredit. As used herein, "relative" means a spouse, child, grandchild,parent or sibling of an owner or employer, and "owner" means, in the caseof a corporation, any person who owns five percent or more of thecorporation's stock.
B. For taxable years beginning on and after January 1, 1999, an employershall be allowed a credit against the taxes imposed by Articles 2 (§ 58.1-320et seq.), 6 (§ 58.1-360 et seq.), and 10 (§ 58.1-400 et seq.) of Chapter 3;Chapter 12 (§ 58.1-1200 et seq.); Article 1 (§ 58.1-2500 et seq.) of Chapter25; or Article 2 (§ 58.1-2620 et seq.) of Chapter 26 of this title in anamount equal to thirty percent of all expenditures paid or incurred by theemployer during the taxable year for eligible worker retraining. However, ifthe eligible worker retraining consists of courses conducted at a privateschool, the credit shall be in an amount equal to the cost per qualifiedemployee, but the amount of the credit shall not exceed $100 per qualifiedemployee annually. The total amount of tax credits granted to employers underthis section for each fiscal year shall not exceed $2,500,000.
C. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entities.
D. An employer shall be entitled to the credit granted under this sectiononly for those courses at a community college or a private school whichcourses have been certified as eligible worker retraining to the Departmentof Taxation by the Department of Business Assistance. The Tax Commissionershall promulgate regulations, in accordance with the Administrative ProcessAct (§ 2.2-4000 et seq.), (i) establishing procedures for claiming the creditprovided by this section, (ii) defining eligible worker retraining, whichshall include only those courses and programs that are substantially relatedto the duties of a qualified employee or that enhance the qualifiedemployee's job-related skills, and that promote economic development, and(iii) providing for the allocation of credits among employers requestingcredits in the event that the amount of credits for which requests are madeexceeds the available amount of credits in any year. The Department ofBusiness Assistance shall review requests for certification submitted byemployers and shall advise the Tax Commissioner whether a course or programqualifies as eligible worker retraining.
E. Any credit not usable for the taxable year may be carried over for thenext three taxable years. The amount of credit allowed pursuant to thissection shall not exceed the tax imposed for such taxable year. No creditshall be carried back to a preceding taxable year. If an employer that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of this Code, or has a creditcarryover from a preceding taxable year, such employer shall be considered tohave first utilized any credit allowed which does not have a carryoverprovision, and then any credit which is carried forward from a precedingtaxable year, prior to the utilization of any credit allowed pursuant to thissection.
F. No employer shall be eligible to claim a credit under this section forworker retraining undertaken by any program operated, administered, or paidfor by the Commonwealth.
G. The Director of the Department of Business Assistance shall reportannually to the chairmen of the House Finance and Senate Finance Committeeson the status and implementation of the credit established by this section,including certifications for eligible worker retraining.
A. As used in this section, unless the context clearly requires otherwise:
"Eligible worker retraining" means retraining of a qualified employee thatpromotes economic development in the form of (i) noncredit courses at any ofthe Commonwealth's community colleges or a private school or (ii) workerretraining programs undertaken through an apprenticeship agreement approvedby the Virginia Apprenticeship Council.
"Qualified employee" means an employee of an employer eligible for a creditunder this section in a full-time position requiring a minimum of 1,680 hoursin the entire normal year of the employer's operations if the standard fringebenefits are paid by the employer for the employee. Employees in seasonal ortemporary positions shall not qualify as qualified employees. A qualifiedemployee (i) shall not be a relative of any owner or the employer claimingthe credit and (ii) shall not own, directly or indirectly, more than fivepercent in value of the outstanding stock of a corporation claiming thecredit. As used herein, "relative" means a spouse, child, grandchild,parent or sibling of an owner or employer, and "owner" means, in the caseof a corporation, any person who owns five percent or more of thecorporation's stock.
B. For taxable years beginning on and after January 1, 1999, an employershall be allowed a credit against the taxes imposed by Articles 2 (§ 58.1-320et seq.), 6 (§ 58.1-360 et seq.), and 10 (§ 58.1-400 et seq.) of Chapter 3;Chapter 12 (§ 58.1-1200 et seq.); Article 1 (§ 58.1-2500 et seq.) of Chapter25; or Article 2 (§ 58.1-2620 et seq.) of Chapter 26 of this title in anamount equal to thirty percent of all expenditures paid or incurred by theemployer during the taxable year for eligible worker retraining. However, ifthe eligible worker retraining consists of courses conducted at a privateschool, the credit shall be in an amount equal to the cost per qualifiedemployee, but the amount of the credit shall not exceed $100 per qualifiedemployee annually. The total amount of tax credits granted to employers underthis section for each fiscal year shall not exceed $2,500,000.
C. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entities.
D. An employer shall be entitled to the credit granted under this sectiononly for those courses at a community college or a private school whichcourses have been certified as eligible worker retraining to the Departmentof Taxation by the Department of Business Assistance. The Tax Commissionershall promulgate regulations, in accordance with the Administrative ProcessAct (§ 2.2-4000 et seq.), (i) establishing procedures for claiming the creditprovided by this section, (ii) defining eligible worker retraining, whichshall include only those courses and programs that are substantially relatedto the duties of a qualified employee or that enhance the qualifiedemployee's job-related skills, and that promote economic development, and(iii) providing for the allocation of credits among employers requestingcredits in the event that the amount of credits for which requests are madeexceeds the available amount of credits in any year. The Department ofBusiness Assistance shall review requests for certification submitted byemployers and shall advise the Tax Commissioner whether a course or programqualifies as eligible worker retraining.
E. Any credit not usable for the taxable year may be carried over for thenext three taxable years. The amount of credit allowed pursuant to thissection shall not exceed the tax imposed for such taxable year. No creditshall be carried back to a preceding taxable year. If an employer that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of this Code, or has a creditcarryover from a preceding taxable year, such employer shall be considered tohave first utilized any credit allowed which does not have a carryoverprovision, and then any credit which is carried forward from a precedingtaxable year, prior to the utilization of any credit allowed pursuant to thissection.
F. No employer shall be eligible to claim a credit under this section forworker retraining undertaken by any program operated, administered, or paidfor by the Commonwealth.
G. The Director of the Department of Business Assistance shall reportannually to the chairmen of the House Finance and Senate Finance Committeeson the status and implementation of the credit established by this section,including certifications for eligible worker retraining.
A. As used in this section, unless the context clearly requires otherwise:
"Eligible worker retraining" means retraining of a qualified employee thatpromotes economic development in the form of (i) noncredit courses at any ofthe Commonwealth's community colleges or a private school or (ii) workerretraining programs undertaken through an apprenticeship agreement approvedby the Virginia Apprenticeship Council.
"Qualified employee" means an employee of an employer eligible for a creditunder this section in a full-time position requiring a minimum of 1,680 hoursin the entire normal year of the employer's operations if the standard fringebenefits are paid by the employer for the employee. Employees in seasonal ortemporary positions shall not qualify as qualified employees. A qualifiedemployee (i) shall not be a relative of any owner or the employer claimingthe credit and (ii) shall not own, directly or indirectly, more than fivepercent in value of the outstanding stock of a corporation claiming thecredit. As used herein, "relative" means a spouse, child, grandchild,parent or sibling of an owner or employer, and "owner" means, in the caseof a corporation, any person who owns five percent or more of thecorporation's stock.
B. For taxable years beginning on and after January 1, 1999, an employershall be allowed a credit against the taxes imposed by Articles 2 (§ 58.1-320et seq.), 6 (§ 58.1-360 et seq.), and 10 (§ 58.1-400 et seq.) of Chapter 3;Chapter 12 (§ 58.1-1200 et seq.); Article 1 (§ 58.1-2500 et seq.) of Chapter25; or Article 2 (§ 58.1-2620 et seq.) of Chapter 26 of this title in anamount equal to thirty percent of all expenditures paid or incurred by theemployer during the taxable year for eligible worker retraining. However, ifthe eligible worker retraining consists of courses conducted at a privateschool, the credit shall be in an amount equal to the cost per qualifiedemployee, but the amount of the credit shall not exceed $100 per qualifiedemployee annually. The total amount of tax credits granted to employers underthis section for each fiscal year shall not exceed $2,500,000.
C. For purposes of this section, the amount of any credit attributable to apartnership, electing small business corporation (S corporation), or limitedliability company shall be allocated to the individual partners,shareholders, or members, respectively, in proportion to their ownership orinterest in such business entities.
D. An employer shall be entitled to the credit granted under this sectiononly for those courses at a community college or a private school whichcourses have been certified as eligible worker retraining to the Departmentof Taxation by the Department of Business Assistance. The Tax Commissionershall promulgate regulations, in accordance with the Administrative ProcessAct (§ 2.2-4000 et seq.), (i) establishing procedures for claiming the creditprovided by this section, (ii) defining eligible worker retraining, whichshall include only those courses and programs that are substantially relatedto the duties of a qualified employee or that enhance the qualifiedemployee's job-related skills, and that promote economic development, and(iii) providing for the allocation of credits among employers requestingcredits in the event that the amount of credits for which requests are madeexceeds the available amount of credits in any year. The Department ofBusiness Assistance shall review requests for certification submitted byemployers and shall advise the Tax Commissioner whether a course or programqualifies as eligible worker retraining.
E. Any credit not usable for the taxable year may be carried over for thenext three taxable years. The amount of credit allowed pursuant to thissection shall not exceed the tax imposed for such taxable year. No creditshall be carried back to a preceding taxable year. If an employer that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of this Code, or has a creditcarryover from a preceding taxable year, such employer shall be considered tohave first utilized any credit allowed which does not have a carryoverprovision, and then any credit which is carried forward from a precedingtaxable year, prior to the utilization of any credit allowed pursuant to thissection.
F. No employer shall be eligible to claim a credit under this section forworker retraining undertaken by any program operated, administered, or paidfor by the Commonwealth.
G. The Director of the Department of Business Assistance shall reportannually to the chairmen of the House Finance and Senate Finance Committeeson the status and implementation of the credit established by this section,including certifications for eligible worker retraining.
