New & Emerging Industries Apprenticeship Tax Credit Now Available in Colorado

Written By Hickey Team

New & Emerging Industries Apprenticeship Tax Credit can provide up to $15 million per year

The New & Emerging Industries Apprenticeship Tax Credit was created by HB24-1439 Financial Incentives Expand Apprenticeship Programs to encourage the adoption and expansion of Registered Apprenticeship Programs in the New & Emerging Industries. The Tax Credit is a refundable tax credit that employers of Registered Apprenticeship Programs in Colorado can claim for apprentices in "New & Emerging" occupations.

SNAPSHOT

  • Colorado Launches Generous Tax Credit Program to Boost Apprenticeships and Workforce Development.

  • Program aim to provide financial incentives for businesses to hire and train apprentices

  • Employers with qualifying registered apprenticeships can claim up to $126,000 in tax credits.

  • Total Available Amount: $15 million per year through 2034.

  • Application reservations now being accepted by Apprenticeship Colorado

EVALUATION CRITERIA

  • Businesses must be qualified taxpayers operating in Colorado.

  • Employers must employ one or more apprentices in a Registered Apprenticeship Program for at least six months.

  • Apprentices must be in a "New and Emerging" occupation: List of Qualified Occupations by ONET-SOC Code

  • Employers must be listed as either the RAP Sponsor or employer on the Colorado Apprenticeship Programs Directory as verified by Apprenticeship Colorado.

POTENTIAL VALUE

  • Amount Per Employer:

    • Max $12,600 per apprentice per income tax year.

    • Qualifying taxpayers can claim up to ten apprentices per year for a maximum tax credit of $126,000.

CONNECT WITH THE HICKEY’S INCENTIVES TEAM

The Hickey & Associates incentives team has advised companies navigating clients through grant programs in the State of Colorado. Contact us for more specifics, including eligibility criteria, application details, and funding requirements. If you’d like our support throughout the application process, we are here to help!

Hickey Team

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Application Round Open for Colorado’s Advanced Industries Early-Stage Grant