When collaborating with the Office of Economic Development for your workforce development training needs, a wide variety of incentives are available to help offset your training costs.
Georgia Quick Start
Part of the Technical College System of Georgia, Georgia Quick Start® provides customized training solutions to qualifying new and expanding companies at no cost as a discretionary incentive of the Georgia Department of Economic Development. When serving customers, Georgia Quick® Start helps assess workers, trains new employees on unique processes, and develops customized job-specific training using the most current techniques and media.
Georgia Retraining Tax Credit
Part of a company’s direct investment in training existing full-time employees on new technology or equipment may be claimed as a tax credit. The credit is available to all Georgia businesses that file a Georgia income tax return. Training programs must be approved by the Technical College System of Georgia (TCSG), and train in quality and productivity enhancements, certain software technologies, or new equipment.
The tax credit value is calculated at 50% of the employer’s direct costs, or by multiplying the number of employees trained by $500, whichever is the lesser of the two. The total amount of credit for one employee cannot exceed $1,250 per year who has successfully completed more than one approved retraining program. RTC can be used to offset up to 50% of the company’s state corporate income tax liability and can be carried forward for 10 years if they are not used during a tax year.
Training Reimbursement Programs
Incumbent Worker Training Program (IWT)
The IWT is funded through the Workforce Innovation and Opportunity Act (WIOA) and is designed to provide funding assistance to qualifying Georgia for-profit businesses to provide skills training to full-time, permanent company workers. The training must be a business necessity that will enhance the company’s abilities to compete in global economies, expand present markets, or help ensure the permanency (layoff aversion) of business in Georgia.
For the worker, the training will upgrade present work skills, heighten job security, provide marketable skills, and increase the possibilities for higher wages and promotional opportunities. Funding is based on availability.
On-the-Job Training Program (OJT)
The OJT program gives individuals an opportunity to learn job skills on-the-job while allowing employers to train new qualifying employees for specific job duties required by that employer. The training allows employers to teach newly qualified employees the skills necessary to perform a job adequately while reimbursing them for the loss of productivity during the training period.
OJT can support large-scale hiring while ensuring that a company is able to train its employees correctly. During the training period, an employer can potentially be reimbursed up to 50% of the wages of the participant for up to the first six months of employment.
OJT contracts may also be applied to employers who participate in Registered Apprenticeships. In limited circumstances, the reimbursement may be up to 75% of the wage rate of the participant.
For more information regarding available incentives, please contact Economic Development.