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Legislative Year: 2024 Change
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Bill Detail: HB24-1365

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Title Opportunity Now Grants & Tax Credit
Status Sent to the Governor (05/23/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Soper (R)
M. Lukens (D)
Senate Sponsors J. Bridges (D)
P. Will (R)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 03/08/2024
Summary

On July 1, 2024, the bill requires a one-time $3.8 million transfer
from the general fund to the regional talent development initiative grant
program fund to address workforce shortages in infrastructure and
building trades. Of this amount, not more than 7% may be used for the
administrative costs incurred to administer the regional talent
development initiative grant program.
The regional talent summit grant program (grant program) is
created and is to be administered by the governor's office of economic
development and international trade (office). The grant program, through
a selection committee, will award grants to and contract with a program
facilitator to develop regional summits across the state. The program
facilitator will understand workforce development needs in identified
regions of the state, generate a landscape analysis for each identified
region that includes job projections and an overview of educational
pathways, gather insight from employers about critical workforce and
training needs, create regional goals for addressing talent needs, and
develop comprehensive tactical plans. Beginning January 1, 2026, any
modified or new local workforce development plan must incorporate the
tactical plans. The program facilitator must complete all regional talent
summits on or before July 1, 2025, and submit workforce plans as a result
of the regional talent summits by December 1, 2025.
The grant program, through a selection committee, will also award
grants to one or more regional hosts to secure facilities to host regional
talent summits, determine community partners to attend the summits, and
gather insight from regional employers about critical workforce and
training needs.
The regional talent summit development initiative grant program
fund (fund) is created in the state treasury. On July 1, 2024, the state
treasurer shall transfer $200,000 from the general fund to the fund. The
money in the fund is continuously appropriated to the office.
The bill establishes a state income tax credit (tax credit) for the
costs of facility improvement and equipment acquisition associated with
training programs designed to alleviate workforce shortages beginning
January 1, 2026. A qualified taxpayer in a qualified industry may earn a
tax credit equal to up to 50% of the costs incurred by the qualified
taxpayer to improve its facilities and acquire equipment. The tax credit is
refundable and may not be carried forward.
To claim the tax credit, a qualified taxpayer must first reserve the
tax credit by applying to be in the evaluation pool established by the
office. A selection committee will consider the merits of each application
to determine which taxpayers are qualified to reserve the tax credit. If a
taxpayer is qualified and approved, the taxpayer is required to incur
facility improvements and equipment acquisition costs to claim the tax
credit. If the applicant submits evidence that the costs were incurred
during the income tax year for which the applicant applied, and those
costs are certified by a certified public accountant, the applicant may be
awarded a tax credit. The aggregate amount of tax credits reserved in one
calendar year cannot exceed $15 million.
The executive director of the department of revenue may require
a person or organization not subject to tax or a person or organization
exempt from taxes to make and file a return containing information
prescribed by the executive director to claim the tax credit.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (04/10/2024) (most recent)  
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