Tax Credit for
Montana Employers |
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Effective 1 January 2018 businesses in Montana could lower
their tax obligation by hiring an Apprentice or a Veteran.
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With the Employer Apprenticeship Tax Credit program
employers could get up to $750 for each apprentice employed
and $1,500 for each apprentice employed who is a veteran.
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An employer that employs an apprentice or a veteran
apprentice who works in Montana as a new employee in a
state-registered apprenticeship training program is eligible
for an annual credit against income taxes.
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A “new employee" means an individual who was not employed as
an apprentice or veteran apprentice before 1 January 2018.
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A tax credit is not available to the employer until after
the apprentice has completed the apprentice training
program's probationary period or 6 months, whichever is
earlier.
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An employer can get the credit for up to five(5) years.
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Each year the employer has to apply to the department to
receive approval to claim the credit for the preceding
calendar year.
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Sources:
House Bill 308
By Bill
Williams |