Employers: Receive a Tax Credit for Training Your Employees

Virginia's Worker Retraining Tax Credit allows an employer to claim a tax credit for the training costs of providing eligible worker retraining to qualified employees.

Eligible worker retraining includes noncredit courses provided by any of Virginia's community colleges and credit or noncredit worker retraining courses undertaken through an apprenticeship agreement approved by the Virginia Apprenticeship Council.

The credit is 30 percent of all training costs incurred through a community college.

The credit is allowable against individual income tax, estate and trust tax, corporate income tax, bank franchise tax, and taxes imposed upon insurance companies and utility companies.

The credit is nonrefundable, but excess credit may be carried forward for the next three taxable years.

For More information Contact:

The Workforce Services of the Virginia Department of Business Assistance
Phone: (804)371-8120