AR SB505

Expands the income tax credit for employing apprentices to apply to all workers age 16 and older (previously limited to ages 16-21) who are enrolled in apprenticeship or work-based learning programs meeting national standards.

Consolidates two separate tax credits into a single apprenticeship program credit under Arkansas Code § 26-51-509, repealing the former Youth Apprenticeship/Work-Based Learning Program Tax Credit (Subchapter 16).

Maintains the income tax credit amount at $2,000 or 10% of apprentice wages (whichever is less) per apprentice, with a maximum annual credit of $10,000 per taxpayer.

Allows certification from either the U.S. Department of Labor's Office of Apprenticeship (for federally registered programs) or the Department of Career Education (for state-approved work-based learning programs).

Effective for tax years beginning January 1, 2018, with credits allowed to be carried forward up to two consecutive tax years if unused.