You may have thought that you’ve opened all your gifts, but the state of Ohio has one more for you – and it’s a good one. Launching next week, the Ohio Incumbent Workforce Training Voucher Program [http://development.ohio.gov/bs/bs_wtvp.htm] will provide $20 million in cash to businesses that provide certain training for their employees. If your business is in one of the program’s targeted industries, you could qualify for up to $4,000 per employee.
How Does the Ohio Incumbent Workforce Training Voucher Program Work?
Through the program, the state will reimburse employers 50 percent of eligible training costs – up to $4,000 in reimbursement per employee. The funds are available on a first come, first serve basis and a single business can request up to $500,000. The program runs from January 7 to June 30, but the funds are projected to be claimed very quickly!
Who Qualifies for the Ohio Incumbent Workforce Training Voucher Program?
Ohio for-profit-entities in the following designated industries may qualify for the program:
- Advanced Manufacturing
- Aerospace and Aviation
- Corporate Headquarters
- Financial Services
- Food Processing
- Information Technology and Services
- Polymers and Chemicals
This program is employee-based, and only certain employees’ training expenses will qualify. To qualify for reimbursement, employees must:
- work in production, back office operations, IT, logistics or R&D
- earn an hourly wage of at least 150 percent of federal minimum wage ($10.88)
- be Ohio residents
- be at least 18 years old
- work at least 25 hours per week
- be employed at an Ohio location that’s been in operation for 12 months or more (the employee can be new, but the location has to have been open a while).
What Training Expenses Qualify for the Ohio Incumbent Workforce Training Voucher Program?
Aimed at improving the skills of Ohio’s workforce, the program reimburses many kinds of training. Eligible trainings include:
- Classes at an accredited education institution
- Training that leads to an industry recognized certificate
- Training provided in conjunction with purchase of a new piece of equipment
- Upgrading of computer skills (e.g. Excel, Access)
- Training for the ICD-10-CM/PCS diagnostics classification system
- Training from a national, regional or state trade associations that offers certified training
- Training for improved process efficiency (e.g. ISO-9000, Six Sigma, or Lean Manufacturing)
One additional consideration: while the program starts on January 7, only those trainings taking place between February 4 and June 30 are eligible for reimbursement. The early part of the program is an application period only, not a reimbursement period.
How Can Your Business Benefit from the Ohio Incumbent Workforce Training Voucher Program?
Want to make sure your business gets its share of the stimulus? You’ve got to act fast. Applications will be accepted starting at 10:00 a.m. on January 7, 2013 and the funds are expected to go quickly. For consideration, businesses must have the following details about proposed training included in the application: the training date(s), location(s), title, description and the attendees’ names and last four digits of their social security numbers.
Need help with the application process? Contact Rea & Associates. Our Ohio tax services team will help you complete your Ohio Incumbent Workforce Training Voucher Program application. This program’s a win-win-win – for your business, your employees and Ohio. And a program this good is worth the paperwork! Remember that the funds are expected to go quickly, so contact us (today) to get started on your application.