§ 42-64.6-4 - Determination of credit.
SECTION 42-64.6-4
§ 42-64.6-4 Determination of credit.– The credit provided in this chapter is equal to twenty-five percent (25%) ofthe qualifying expenses incurred in 1996 and fifty percent (50%) of thequalifying expenses incurred after 1996 to provide training and/or retrainingfor a qualifying employee, of which fifty percent (50%) of the credit shall beallowed in the taxable year in which the expense is paid and the balance of thecredit shall be allowed in the following taxable year. The maximum amount ofcredit per employee shall not exceed five thousand dollars ($5,000) in anythree (3) year period. The credit allowed pursuant to the provisions of thischapter that is attributable to the cost of providing training and/orretraining to a qualifying employee shall be recaptured if the employeeinvoluntarily other than as a result of death or disability no longer qualifiesas a qualifying employee of the employer at any time during the eighteen (18)month period following the employee's completion of the program.