TITLE 42
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.)
