Form Wrc - Worker Retraining Tax Credit Application Page 4
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5Instructions for Form WRC
Worker Retraining Tax Credit Application
it with VEDP. After processing Schedule 1, VEDP will send Form
GENERAL INFORMATION
WRC to the Department of Taxation.
The Worker Retraining Tax Credit may be claimed by employers who
provide qualifying retraining for their employees through noncredit
Step 2: Requests for Additional Information and Notification
classes or through an apprenticeship agreement approved by the
of Authorized Credit
Virginia Jobs Investment Program, Virginia Economic Development
Additional information: If the Virginia Economic Development
Partnership (VEDP). Qualifying apprenticeship programs may
Partnership or the Department of Taxation needs additional
include credit and noncredit classes.
information they will contact you by May 1 and you will have until
•
For qualified employees who attend Virginia community
May 15 to respond. If you have not received acknowledgment of
colleges, the employer can claim 30% of all training costs.
your application from the Department of Taxation by May 31 please
call 804-786-2992.
•
For taxable years prior to January 1, 2013, an employer may
claim the actual costs up to $100 per qualified employee for
The Department of Taxation will issue the credit by June 30. If you
those employees who attend private schools.
have not received your credit certification by July 15, please call
804-786-2992.
•
For taxable years beginning on or after January 1, 2013, for
those employees who attend private schools an employer
Extension of time for filing: If the tax return upon which this credit
may claim the actual costs up to $200 per qualified employee
will be claimed is due on or before May 1, you may need to file an
or $300 per qualified employee annually if the eligible worker
automatic extension payment for any tax due or file an amended
retraining includes retraining in a STEM or STEAM discipline.
return upon receipt of the credit information.
The total retraining credits granted to all employers is limited to
Step 3: Claim Worker Retraining Tax Credit on Your Return
$2,500,000 for each year. If the total qualifying credits exceed
After receiving notification of authorized credit, you may claim
this amount, the credit will be prorated. Employers must apply
the credit on the applicable Virginia tax return. See the tax return
for their share of the available credit by filing Form WRC with the
instructions for computation and attachment details.
VEDP or Department of Taxation, as applicable, to determine their
DEFINITIONS
proportionate share of the credit. Notification of the authorized
credit amount must be received before the credit may be claimed
Eligible Worker Retraining means the retraining of a qualified
on the tax return.
employee that promotes economic development. Retraining of a
qualified employee will promote economic development when the
The credit is allowable against the Individual Income Tax, Estate
employment brings new income into Virginia, stimulates additional
and Trust Income Tax, Corporation Income Tax, Bank Franchise
employment, improves existing processes, products or services,
Tax and taxes imposed upon insurance companies and utility
or is the basis for further economic growth. The retraining can
companies (under Va. Code §§ 58.1-2501 et seq. and 58.1-2626
be accomplished through (i) noncredit courses at any Virginia
et seq.). This credit is nonrefundable, but excess credit may be
community college or a private school or (ii) worker retraining
carried forward for the next three taxable years. No credit can be
programs undertaken through an apprenticeship agreement
carried back to a preceding taxable year.
approved by the Virginia Apprenticeship Council.
PROCESS OVERVIEW FOR CLAIMING THIS CREDIT
Noncredit Courses include, but are not limited to:
Claiming this credit takes the following three-step process.
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specific job-related skills/studies;
Definitions used to qualify training are after Step 3.
•
computer training due to process or equipment change
Step 1: Determine Eligibility of Courses or Apprenticeship
of entry-level computer skills (ongoing computer software
Programs for Credit
upgrades are not included);
Noncredit Courses: Employers seeking this credit will have retrained
•
continuous improvements such as team building and quality
employees through noncredit courses. To determine if the training
training;
will qualify for this credit, complete Parts I, II, and Schedule 1 of Form
WRC and send it to Virginia Jobs Investment Program, Virginia
•
management and supervisory training;
Economic Development Partnership, 901 East Byrd Street
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safety and environmental training programs; and
2 3 2 1 9 . F o r q u e s t i o n s , c a l l
R i c h m o n d ,
V A
804-545-5706. VEDP will determine if the course qualifies as
•
credit or noncredit approved apprenticeship courses.
eligible retraining. VEDP will forward this determination to the
Qualified Employee means an employee who works in a full-time
Department of Taxation for Step 2.
position requiring a minimum of 1,680 hours in the normal year of
Apprenticeship Programs: Employers seeking this credit will
the employer’s operation and standard fringe benefits are offered
have retrained employees in a Virginia Apprenticeship Council
to the employee. Employees eligible to take credit or noncredit
approved program under the Voluntary Apprenticeship Act. For
courses undertaken through a registered apprenticeship agreement
program information, call Department of Labor and Industry at
must be employed in a full-time position requiring a minimum of
1,924 hours in the normal year of the employer’s operation unless
804-786-8009.
otherwise approved by the Virginia Apprenticeship Council. A
File Form WRC, completing Parts I, III and Schedule 2 (see
qualified employee shall not be a spouse, child, grandchild,
Exception below), with the Department of Taxation, Tax Credit
parent or sibling of an employer, or in the case of a corporation,
Unit, P. O. Box 715, Richmond, VA 23218-0715, to determine
an individual that owns, directly or indirectly, 5% or more of the
program applicability and authorized credit.
corporation’s stock. Employees in seasonal or temporary positions
EXCEPTION: If applying for retraining credits for noncredit courses
are not qualified for this program.
and an apprenticeship program, complete all of Form WRC and file
Page 4
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