SPONSOR: Wilson
For all tax years beginning on or after January 1, 2025, a qualified taxpayer that employs a qualified career and technical instructor full-time and allows such instructor to provide instruction during regular business hours to a qualified institution will be allowed to claim a tax credit of the lesser of:
(1) $5,000; or
(2) The amount of compensation that the qualified taxpayer paid the qualified career and technical instructor.
To be eligible, the qualified instructor must be employed by one of the following qualified institutions:
(1) A community college that has executed a memorandum of understanding with participating businesses located within the community college's district;
(2) A public or private post-secondary vocational or technical school;
(3) A facility providing educational and rehabilitative services to children in juvenile custody; or
(4) A public or private facility providing educational and rehabilitative services to children who have been ordered by a court to receive such services.
Applications for the tax credits shall include the following:
(1) Information on the qualifications of the instructor;
(2) The participating qualified institutions;
(3) Compensation information; and
(4) Any other information the Department deemed necessary.
The total number of tax credits claimed by a qualified taxpayer must not exceed five credits in a tax year. The cumulative amount of credits allowed shall not exceed $500,000 per fiscal year. The credits are nonrefundable, and must not be assigned, transferred, sold, or otherwise conveyed. Nor will any credits be carried forward to any subsequent tax year. This bill is similar to HB 2926 (2024).
Statutes affected: