Source: https://www.richmondsunlight.com/bill/2013/hb1923/fulltext/
Timestamp: 2020-07-10 19:43:20
Document Index: 71315878

Matched Legal Cases: ['§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58', '§ 2']

HB1923H1
HOUSE BILL NO. 1923 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Finance on January 21, 2013) (Patron Prior to Substitute--Delegate Yancey) A BILL to amend and reenact § 58.1-439.6 of the Code of Virginia, relating to the worker retraining tax credit.
1. That § 58.1-439.6 of the Code of Virginia is amended and reenacted as follows:
"Eligible worker retraining" means retraining of a qualified employee that promotes economic development in the form of (i) noncredit courses at any of the Commonwealth's community colleges or a private school or (ii) worker retraining programs undertaken through an apprenticeship agreement approved by the Virginia Apprenticeship Council.
"STEM or STEAM discipline" means a science, technology, engineering, mathematics, or applied mathematics related discipline as determined by the Department of Business Assistance in consultation with the Superintendent of Public Instruction. The term shall include a health care-related discipline.
B. For taxable years beginning on and after January 1, 1999, but prior to January 1, 2018, an employer shall be allowed a credit against the taxes imposed by Articles 2 (§ 58.1-320 et 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 Chapter 25; or Article 2 (§ 58.1-2620 et seq.) of Chapter 26 of this title in an amount equal to thirty percent of all expenditures paid or incurred by the employer during the taxable year for eligible worker retraining. However, for taxable years beginning prior to January 1, 2013, if the eligible worker retraining consists of courses conducted at a private school, the credit shall be in an amount equal to the cost per qualified employee, but the amount of the credit shall not exceed $100 per qualified employee annually. For taxable years beginning on or after January 1, 2013, if the eligible worker retraining consists of courses conducted at a private school, the credit shall be in an amount equal to the cost per qualified employee, but the amount of the credit shall not exceed $200 per qualified employee annually, or $300 per qualified employee annually if the eligible worker retraining includes retraining in a STEM or STEAM discipline including but not limited to industry-recognized credentials, certificates, and certifications. The total amount of tax credits granted to employers under this section for each fiscal year shall not exceed $2,500,000.
D. An employer shall be entitled to the credit granted under this section only for those courses at a community college or a private school which courses have been certified as eligible worker retraining to the Department of Taxation by the Department of Business Assistance. The Tax Commissioner shall promulgate regulations, in accordance with the Administrative Process Act (§ 2.2-4000 et seq.), (i) establishing procedures for claiming the credit provided by this section, (ii) defining eligible worker retraining, which shall include only those courses and programs that are substantially related to the duties of a qualified employee or that enhance the qualified employee's job-related skills, and that promote economic development, and (iii) providing for the allocation of credits among employers requesting credits in the event that the amount of credits for which requests are made exceeds the available amount of credits in any year. The Department of Business Assistance shall review requests for certification submitted by employers and shall advise the Tax Commissioner whether a course or program qualifies as eligible worker retraining and, if it qualifies, whether the course or program is in a STEM or STEAM discipline.
G. The Director of the Department of Business Assistance shall report annually to the chairmen of the House Finance and Senate Finance Committees on the status and implementation of the credit established by this section, including certifications for eligible worker retraining.
HOUSE BILL NO. 1923 Offered January 9, 2013 Prefiled January 9, 2013 A BILL to amend and reenact 58.1-439.6 of the Code of Virginia, relating to the worker retraining tax credit.
1. That 58.1-439.6 of the Code of Virginia is amended and reenacted as follows:
58.1-439.6. Worker retraining tax credit.
"STEM or STEAM discipline" means a science, technology, engineering, mathematics, or applied mathematics related discipline as determined by the Department of Business Assistance in consultation with the Superintendent of Public Instruction. The term shall include a health care related discipline.
B. For taxable years beginning on and after January 1, 1999, an employer shall be allowed a credit against the taxes imposed by Articles 2 ( 58.1-320 et 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 Chapter 25; or Article 2 ( 58.1-2620 et seq.) of Chapter 26 of this title in an amount equal to thirty percent of all expenditures paid or incurred by the employer during the taxable year for eligible worker retraining. However, for taxable years beginning prior to January 1, 2013, if the eligible worker retraining consists of courses conducted at a private school, the credit shall be in an amount equal to the cost per qualified employee, but the amount of the credit shall not exceed $100 per qualified employee annually. For taxable years beginning on or after January 1, 2013, if the eligible worker retraining consists of courses conducted at a private school, the credit shall be in an amount equal to the cost per qualified employee, but the amount of the credit shall not exceed $250 per qualified employee annually, or $500 per qualified employee annually if the eligible worker retraining includes retraining in a STEM or STEAM discipline. The total amount of tax credits granted to employers under this section for each fiscal year shall not exceed $2,500,000.
D. An employer shall be entitled to the credit granted under this section only for those courses at a community college or a private school which courses have been certified as eligible worker retraining to the Department of Taxation by the Department of Business Assistance. The Tax Commissioner shall promulgate regulations, in accordance with the Administrative Process Act ( 2.2-4000 et seq.), (i) establishing procedures for claiming the credit provided by this section, (ii) defining eligible worker retraining, which shall include only those courses and programs that are substantially related to the duties of a qualified employee or that enhance the qualified employee's job-related skills, and that promote economic development, and (iii) providing for the allocation of credits among employers requesting credits in the event that the amount of credits for which requests are made exceeds the available amount of credits in any year. The Department of Business Assistance shall review requests for certification submitted by employers and shall advise the Tax Commissioner whether a course or program qualifies as eligible worker retraining and, if it qualifies, whether the course or program is in a STEM or STEAM discipline.
For a plain English description of this bill, comments, voting, tagging, etc., return to the main page for HB1923.