Signed by Governor Matt Bevin

Vote Smart's Synopsis:

A vote to pass a bill that amends regulations on economic development.

Highlights:

• Prohibits the Bluegrass State Skills Corporation from accepting applications for the skills training investment credits for taxable years beginning on or after July 1, 2022 (Sec. 4).

• Authorizes the Corporation to award a skills training investment credit to an approved company, and specifies that the amount of credit awarded will be an amount equal to 50 percent of the amount of approved costs incurred by the approved company in connection with its program of occupational upgrade training or skills upgrade training, and the credit amount may not exceed $500 per employee and, in the aggregate, cannot exceed $100,000 for each approved company per biennium (Sec. 14).

• Authorizes the Corporation to approved only 1 application per biennium for each approved company (Sec. 14).

• Defines “skills upgrade training” as employee training sponsored by a qualified company that is designed to provide the employee with new skills necessary to enhance productivity, improve performance, or retain employment (Sec. 11).

• Defines “approved company” as any qualified company seeking to sponsor an occupational upgrade training program or skills upgrade training program for the benefit of 1 or more of its employees, which is approved by the Corporation to receive grant-in-aid or skills training investment credits (Sec. 11).

• Defines “occupational upgrade training” as employee training sponsored by a qualified company that is designed to qualify the employee for a promotional opportunity with the qualified company (Sec. 11).

Full Bill Text