Program Summary
The Opportunity Now Tax Credit, enacted by House Bill 24-1365, aims to encourage workforce development in industries impacted by the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and/or Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS). This refundable tax credit provides financial assistance for facility improvements and/or equipment acquisition costs associated with training programs designed to alleviate workforce shortages.
Tax credits may be claimed once the qualified asset is placed into service. The total amount of tax credits approved by the Selection Committee is up to 50% of the estimated qualified asset, and the total amount of certificates available is up to $15 million per year. Tax credit certificates may be issued January 1, 2026 through January 1, 2033. Those awarded a certificate must submit an annual progress report for 15 years to verify continued qualified asset compliance.
More information coming Fall/Winter 2024.
Overview
Type: Tax Credit
For: Training programs that support IIJA, IRA and/or CHIPS-related workforce development
Amount: $7.5M-$15M/year
OEDIT division: Talent Innovation
Program Manager
