Bill > HB1055

This bill establishes an Apprentice Education Expense Tax Credit Program, which allows employers to claim a tax credit for qualified education expenses incurred on behalf of their apprentices. The credit is equal to 100% of the qualified expenses, up to $3,500 per apprentice. Employers can claim an additional $1,500 credit if the apprentice resides in or the employer's business is located in an "underserved area," defined as a geographic area with high poverty, high participation in free lunch programs, high SNAP assistance, or high unemployment. The Department of Revenue is tasked with administering the program, including issuing tax credit certificates, adopting rules, and reporting annually on the program's usage. The bill limits the total amount of tax credits that can be claimed each year to $5 million.