ALBANY, N.Y. -- Gov. Andrew Cuomo has launched the Employee Training Incentive Program, a new program that will incentivize New York state employers to provide skills training for their employees by providing tax credits to help offset the cost of training.
“It is critically important that we align workforce training with tomorrow’s industry needs,” Cuomo said. “By incentivizing employers to bolster their workforce training programs, we are laying the groundwork for future economic prosperity in New York today.”
Proposed by Cuomo in his 2015-16 budget, the EITP will make $5 million in tax credits available to businesses each year, with up to $1 million in credits available for approved internship programs. Tax credits will be awarded for costs associated with eligible training programs for current and new employees or for internship programs for current students, recent graduates and recent members of the armed forces, and are issued after training is completed.
Grants will also be available through the Department of Labor to encourage the hiring of workers, enabling them to upgrade their skills and obtain employment, Cuomo said.
Howard Zemsky, Empire State Development president, CEO and commissioner, said: “New York state’s economy depends on its most significant resource: a diverse and talented workforce that is second to none. This new program will help support businesses across the state in their efforts to strengthen their employees by providing them with the opportunity to advance their skills while also creating new jobs in the process. Our workers deserve every opportunity to enrich and grow their skills, as they continue to contribute to and produce a robust and vibrant economy.”
For information on receiving a grant, click here . Enrollment will remain open, and applications will be accepted on a rolling basis up to the total program allocation.
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