Precast Consulting Service
Finance, Marketing &
State Training Assistance
What's this all about?
Most states offer financial assistance
to train employees in the form of grants or tax credits.
Despite these incentives, many companies that
could take advantage of the programs do not. Often the application
and compliance process is burdensome. However, in many cases the
potential benefits warrants going through the process. Questions
to ask in determining if you should pursue these programs include:
Grants Most states have a Manufacturing
- State Partnership where grants arre available for pre-approved training
programs designed to increase manufacturing jobs through new processes
or technology. In the case of Lean, state certified Lean trainers
may recieve a training grant per hour for time spent with your employees.
This effectively lowers your cost for consulting services.
Tax Credits Most states provide
credit on state taxes for training time and expenses for employment building
training. Lean training often qualifies. Typically a portion
of the wages of trainer and trainee can be directly deducted from state
taxes. With a full time Lean Champion, and frequent meetings, this
can come to $50,000 per year in many states.
There are 50 different states, each with differing
training incentives. It is difficult to generalize about these programs.
In many cases, training incentives are granted to companies as part of
an incentive package based on prospective job creation. The Georgia
Retraining Tax Credit, is used here as an example. It applies only
to retraining incumbent employees due to the implementation of new technology.
Do you have any major training initiatives
that involve formal documented training of large numbers of employees?
Are you creating jobs that will require training
Does your company have a state tax liability
to utilize tax credits against?
Does your company have dedicated trainers?
Does your company hire training vendors to
conduct formal training?
To see if there is an opportunity for your
company generally requires assessing the particular training incentive
programs in the related State(s). We work with Ed Outlaw, a tax rebate
specialists. For details click
for the Precast Industry