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Department of Taxation: Status and Implementation of the Worker Training Tax Credit (October 1, 2024)

Summary

Letter dated October 1, 2024, from the Department of Taxation to the chairs of the Senate Finance and Appropriations Committee and the House Finance Committee. It states that, pursuant to 2019 House Bill 2539 (Chapter 189 of the 2019 Acts of Assembly), the department is required to report annually on the status and implementation of the Worker Training Tax Credit, which became effective for taxable years beginning on or after January 1, 2019. It states that during Fiscal Year 2023, the credit was claimed on five individual and corporate income tax returns for a total amount of $100,361.

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“Department of Taxation: Status and Implementation of the Worker Training Tax Credit (October 1, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-rd613-b572c2ad33/, SHA-256 119f92776cba33d22592ff3796523217745c5e51918fd3934ea3eddd0baccfb2.

Full text

                 COMMONWEALTH of VIRGINIA
                                  Dep(lrfment of T,u:"tio11

                                      October 1, 2024


To:    The Honorable L. Louise Lucas
       Chair, Senate Finance and Appropriations Committee

       The Honorable Vivian E. Watts
       Chair, House Finance Committee


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

        2019 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. 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 2023, the Worker Training Tax Credit was claimed on five
individual and corporate income tax returns for a total amount of $100,361. This reflects
income tax returns processed during Fiscal Year 2023 and does not include returns filed or
processed on or after July 1, 2023.

       Please contact me if you have any questions.

                                    Sincerely,              .,../;
                                                    (•
                                                          0
                                                         /""t
                                    Ja!asJ.Alex
                                    Tax Commissioner
                                    Commonwealth of Virginia


C: The Honorable Stephen E. Cummings, Secretary of Finance

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