Bill > HB1071

This bill establishes the Apprentice Education Expense Tax Credit Program, which provides tax credits to employers in Pennsylvania for qualified education expenses incurred on behalf of their apprentices. The key provisions of the bill include: 1. Defining key terms such as "qualifying apprentice," "qualified education expense," and "underserved area." 2. Granting the Department of Revenue the authority to administer the program, including the power to promulgate regulations, issue tax credit certificates, and gather information from applicants. 3. Allowing employers to claim a tax credit equal to 100% of the qualified education expenses, up to $3,500 per qualifying apprentice, with an additional $1,500 credit if the apprentice or the employer's principal place of business is located in an underserved area. 4. Limiting the aggregate amount of tax credits that can be claimed per calendar year to $5 million, to be awarded on a first-come, first-served basis. 5. Requiring the Department of Revenue to report annually to the Governor and General Assembly on the tax credit certificates awarded under the program. The bill takes effect 60 days after passage.