State Tax Credits and Tuition Support

This law provides an income tax credit of $1,250 to an employer for each qualified apprentice of an employer, with an additional $500 to an employer for each qualified high school apprentice. The law caps the cumulative tax credits allowed at $3,000,000 for the first two tax years following the passage of the bill and $5,000,000 for each tax year thereafter. This law also requires the Workforce Development Division of the Department of Commerce to provide an annual report to certain legislative committees regarding the effectiveness of the program. For tax years beginning on or after January 1, 2020, through Dec 31, 2025 - $1,250 per qualifying apprentice for up to 10 apprentices employed. An additional credit of up to $500 is available to the employer for each apprentice who is 16 years old or younger and meet the certain youth-registered or industry-recognized apprenticeship criteria at the time the credit is claimed. Legislation passed in 2023 changed the sunset date for this tax credit to the end of calendar year 2024.