Increases credit against withholding for retraining employees in South Carolina.

The bill amends Section 12-10-95 of the South Carolina Code to increase the credit against withholding for retraining employees. Eligible businesses can claim a credit of up to $2,000 per year for retraining full-time employees who have been continuously employed for at least one year. This credit applies to retraining necessary for competitiveness, skill upgrades, or new technology introduction. The credit is capped at $50,000 over five years per employee.

Increases credit against withholding for retraining employees in South Carolina.

The bill amends Section 12-10-95 of the South Carolina Code to increase the credit against withholding for retraining employees. Eligible businesses can claim a credit of up to $2,000 per year for retraining full-time employees who have been continuously employed for at least one year. This credit applies to retraining necessary for competitiveness, skill upgrades, or new technology introduction. The credit is capped at $50,000 over five years per employee.