1998 Session

Budget Amendments - SB30 (Committee Approved)

View Budget Item
View Budget Item amendments

Small Employer Tax Credit Study

Item 95 #3s

Item 95 #3s

First Year - FY1999 Second Year - FY2000
Commerce And Trade
Business Assistance, Department of FY1999 $0 FY2000 $0 GF

Page 68, after line 33, insert:  "E.  The Department of Business Assistance shall study the need for a small employer training tax credit. Businesses would be eligible for the credit if:  (1) their employees work twenty or more hours per week on average for at least 48 weeks each year and (2) employees receive training in a program approved by the Department.  The credit amount would be based on the actual training cost.  The Department shall compare this proposal to the worker retraining tax credit enacted in the 1997 Session and to the findings and recommendations contained in the HJR 622 Study on Noncredit Education for Workforce Training in Virginia.  The Virginia Community College System and the Department of Taxation shall assist in the study.  The Department shall report by November 5, 1998, to the Chairmen of the House Appropriations and Senate Finance Committees.)

(This amendment requires the Department of Business Assistance to assess the need for a new worker training tax credit. As part of the assessment, the agency shall examine the worker retraining tax credit and the findings of the HJR 622 Commission which examined noncredit instruction in the VCCS.)