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IN SB0541
Bill
AI Summary
SB 541 Summary
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Establishes a tax credit for employers' expenditures and donations toward employee or student portable workforce credentials in manufacturing, health care, information technology, and logistics sectors in Indiana.
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Limits tax credits to $40,000 per employer and $5,000 per employee or student annually, with an aggregate statewide cap of $10,000,000 per state fiscal year.
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Requires the department of workforce development to allocate available tax credits to taxpayers in chronological order of application and maintain an online search tool listing qualifying portable workforce credentials and approved training providers.
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Allows unused credits to carry forward for up to ten (10) taxable years following the year earned, and permits pass-through entities to allocate credits to shareholders, partners, or members based on distributive income.
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Expires the tax credit program on June 30, 2021, though taxpayers may continue claiming credits earned before that date and apply unused credits through December 31, 2020.
Legislative Description
Employer training expense tax credit. Establishes a tax credit against state tax liability for expenditures and donations made on behalf of an employee or student to meet the requirements for portable workforce credentials that are required or beneficial for targeted employment in manufacturing, health care, information technology, or logistics that is critical to or emerging as needed by employers to conduct business in Indiana. Limits the tax credit to $40,000 per employer and $5,000 per employee or student in each taxable year, and limits the aggregate total of all tax credits that may be claimed by all taxpayers for expenditures
Last Action
Senator Holdman added as third author
1/30/2017