§ 44-11-41 - Tax credit for machine tool, metal trade or plastic process technician apprenticeships.
SECTION 44-11-41
§ 44-11-41 Tax credit for machine tool,metal trade or plastic process technician apprenticeships. – (a) Any taxpayer who employs a machine tool and metal trade apprentice orplastic process technician apprentice duly enrolled and registered under theterms of a qualified program (as determined by the state apprenticeshipcouncil) is entitled to a tax credit for each eligible apprentice for fiftypercent (50)% of actual wages paid, or four thousand eight hundred dollars($4,800), whichever is less; provided, that the apprenticeships meet thefollowing requirements:
(1) The tax credit is limited to qualified Machine Tool,Metal Trade and Plastics Process Technician programs with apprenticeshipperiods of duration which are more than four thousand (4,000) hours and lessthan ten thousand (10,000) hours.
(2) The apprentice must be employed on a full-time basis,which is defined as working a minimum of one hundred twenty (120) hours permonth at the trade. Up to eighty (80) hours may be applied during the tax yearagainst the one hundred twenty (120) hour limitation.
(3) Pre-apprentices are not counted as apprenticeships begunand wages earned by pre-apprentices are not eligible for tax credits under thisregulation.
(4) The number of apprenticeships for which tax credit isallowed must exceed the average number of apprenticeships begun during the five(5) preceding income years.
(b) The tax credit is limited to the following trade:machinist, toolmaker, tool and diemaker, model maker, gage maker, patternmaker,tool and machine setter, diesinker, moldmaker, machine tool repairer, plasticprocess technician and in similar occupations which, as above, involve multiplework processes including the shaping of metals by machine tool equipmentdesigned to perform cutting, grinding, milling, turning, drilling, boring,planing, hobbing, and abrading operations.