Increases the maximum aggregate amount of tax credits for employers sponsoring skills training for employees.
Mississippi HB1835 amends Section 27-7-22.50 of the Mississippi Code of 1972 to increase the maximum aggregate amount of tax credits that may be claimed by all taxpayers claiming a credit in a taxable year for employer-sponsored skills training. The bill grants a fifty percent income tax credit to employers participating in training programs through community or junior colleges. The credit applies to qualified training expenses and is capped at $2,500 per employee per year. The maximum aggregate amount of tax credits that may be claimed by all taxpayers in a taxable year is set at $5,000,000.
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