2012 Vermont Statutes
Title 32 Taxation and Finance
Chapter 151 INCOME TAXES
§ 5930e Workforce development incentive tax credit

§ 5930e. Workforce development incentive tax credit

(a) A person, upon obtaining the approval of the Vermont economic progress council pursuant to section 5930a of this title, may receive a credit against its income tax imposed by this chapter in the amount of 20 percent of its qualified training, education and workforce development expenditures within the state of Vermont in the tax year that such expenditures were made.

(b) Qualified training, education and workforce development expenditures under this section shall mean:

(1) expenditures eligible for financial assistance under the Vermont training programs administered by the department of economic development;

(2) expenditures defined in 26 U.S.C. § 127(c)(1) concerning the employee educational assistance initiative; or

(3) expenditures for employer-provided child care and transportation subsidies that allow for training and educational activities.

(c) A person that has obtained the approval of the Vermont economic progress council, may receive a credit against its income tax imposed by this chapter in the amount of 25 percent of its qualified training, education and workforce development expenditures for the benefit of individuals receiving public assistance who are participants in "reach-up" or other programs designed to help them achieve economic self-sufficiency. (Added 1997, No. 71 (Adj. Sess.), § 48, eff. March 11, 1998; amended 2003, No. 67, § 18; 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2017.)