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Tax Credit
The Skill Training Income Tax Credit provides an incentive for eligible businesses to offer training to their Mississippi employees. The credit is comprised of the expenses the business incurs in that training. Training held on the community or junior college campus as well as at an individual facility qualifies for the credit. The training program, however, must be offered by or approved by the community or junior college in the district where the employer is located. The training offered must enhance skills related to the job that the employee is performing, improve job performance, or be related to a career path that is anticipated for the employee. If the employer provides pre-employment training, the portion of the pre-employment training that involves skills training may be eligible for the tax credit. Training required by a government entity but not specifically related to the employees’ jobs may be used in computing the credit to the extent that it is required by the government entity. Training in excess of the requirements may be included in the expenses used to calculate the credit. (Top) Training Funds
Ensure that your company remains competitive. By partnering with your local community college, your company will have access to various training funds. These funds assist with the cost of workforce development. Working with your community college project writer, each company can develop a training plan to accomplish specific goals while keeping company training costs to a minimum. Because the funds are multifaceted, most company goals can be reached in a flexible and accommodating manner. The matching of State and Federal funds with company resources makes for a synergy that helps companies develop successful training programs. To maintain that competitive advantage, use your local community college to access workforce training assistance. (Top)
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© 2006
Mississippi Corridor Consortium
www.MSCorridorConsortium.com
