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Department of Taxation Report on the Worker Training Tax Credit, January 4, 2021 (Virginia)

Summary

A letter dated January 4, 2021 from the Commonwealth of Virginia Department of Taxation to the Chairwoman of the Senate Finance and Appropriations Committee and the Chairwoman of the House Finance Committee. It reports under 2019 House Bill 2539 (Chapter 189 of the Acts of Assembly) on the status and implementation of the Worker Training Tax Credit, a credit for businesses that provide training opportunities to employees and to middle school and high school students. The letter states that the credit became effective for taxable years beginning on or after January 1, 2019, that qualifying taxpayers apply using Form WTC, and that no taxpayers claimed the credit during Fiscal Year 2020. It adds that data for Taxable Year 2019 are expected in the report due next year.

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“Department of Taxation Report on the Worker Training Tax Credit, January 4, 2021 (Virginia).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-rd1-b0f7cc7b55/, SHA-256 881a16d543da9974dd3178e0e1839e28bfa433524b32ca6b33f5d409135112ff.

Full text

                COMMONWEALTH of VIRGINIA
                                 Department of Taxation

                                     January 4, 2021

To:   The Honorable Janet D. Howell
      Chairwoman, Senate Finance and Appropriations Committee

      The Honorable Vivian E. Watts
      Chairwoman, House Finance Committee

Dear Chairwoman Howell and Chairwoman Watts:

       Pursuant to 2019 House Bill 2539 (Chapter 189 of the Acts of Assembly), the
Department of Taxation ("the Department") is required to report annually regarding the
status and implementation of the Worker Training Tax Credit.

        House Bill 2539 created a tax credit for businesses that provide certain training
opportunities to employees and middle school and high school students in Virginia. This
credit became effective for taxable years beginning on or after January 1, 2019. The
Department of Taxation has fully implemented this credit program by making updates to its
systems and forms. Qualifying taxpayers may apply for credits by submitting Form WTC.
Once credits have been approved, qualifying taxpayers may claim such credits on their
Virginia income tax returns.

       During Fiscal Year 2020, no taxpayers claimed the Worker Training Tax Credit.
Because business taxpayers often file on extension, the Department does not yet have data
available regarding taxpayers that claimed the Worker Training Tax Credit for Taxable Year
2019. The Department anticipates that information regarding credits claimed for Taxable
Year 2019 will be provided in the report due next year.

       Please contact me if you have any questions.


                                   Si?rel~


                                 ~Bums
                                  ~~~missioner


C: The Honorable Aubrey L. Layne Jr, Secretary of Finance
   William J. White, Assistant Commissioner for Tax Policy

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