Advanced Search

§42-64.6-4  Determination of credit. –

Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

State Affairs and Government

CHAPTER 42-64.6

Jobs Training Tax Credit Act

SECTION 42-64.6-4

   § 42-64.6-4  Determination of credit.


The credit provided in this chapter is equal to twenty-five percent (25%) of

the qualifying expenses incurred in 1996 and fifty percent (50%) of the

qualifying expenses incurred after 1996 to provide training and/or retraining

for a qualifying employee, of which fifty percent (50%) of the credit shall be

allowed in the taxable year in which the expense is paid and the balance of the

credit shall be allowed in the following taxable year. The maximum amount of

credit per employee shall not exceed five thousand dollars ($5,000) in any

three (3) year period. The credit allowed pursuant to the provisions of this

chapter that is attributable to the cost of providing training and/or

retraining to a qualifying employee shall be recaptured if the employee

involuntarily other than as a result of death or disability no longer qualifies

as a qualifying employee of the employer at any time during the eighteen (18)

month period following the employee's completion of the program.

History of Section.

(P.L. 1996, ch. 229, § 1; P.L. 1996, ch. 255, § 1; P.L. 1997, ch. 8,

§ 1.)