Workforce training costs

From the 2024 DOR Tax Exemption Study

82.04.449 - Workforce training costs Description Businesses may use a B&O credit for half the costs of the customized workforce training paid to the State Board for Community Colleges. The credit must be used by June 30, 2026. A business claiming this credit must file a complete annual tax performance report with the department. Purpose Facilitates training of new employees for new or expanding businesses. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.085 $0.085 $0.085 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.078 $0.085 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Future credits are consistent with the average credit amount for the past five fiscal years. Data Sources - Department of Revenue, Excise tax data Additional Additional Information Information Category: Business Year Enacted: 2006 Primary Beneficiaries: Certain employers for customized trainin