Kentucky Statutes 154.12-207 – Grants-in-aid — Skills training investment credit — Application — Approval — Maximum amount — Training
Current as of: 2024 | Check for updates
|
Other versions
(1) The corporation may, subject to appropriation from the General Assembly or from funds made available to the corporation from any other public or private source, provide grants-in-aid to qualified companies, not in excess of five hundred thousand dollars ($500,000) per grant-in-aid. Such grants-in-aid shall be used exclusively for programs which are consistent with the provisions of this chapter.
(2) The corporation may, in accordance with KRS § 154.12-204 to KRS § 154.12-208, award a skills training investment credit to an approved company. The amount of the skills training investment credit awarded by the corporation shall be an amount not to exceed fifty percent (50%) of the amount of approved costs incurred by the approved company in connection with its program of occupational upgrade training or skills upgrade training, the credit amount not to exceed two thousand dollars ($2,000) per trainee and, in the aggregate, not to exceed five hundred thousand dollars ($500,000) for each approved company per fiscal year. The corporation shall only approve one (1) application per fiscal year for each approved company.
(3) To apply for a grant-in-aid or a skills training investment credit, a qualified company shall submit an application to the Bluegrass State Skills Corporation before commencing its program of skills upgrade or occupational upgrade training. Each application shall contain information the corporation requires, including but not limited to:
(a) A proposal for a program of skills upgrade training, occupational upgrade training, and education;
(b) A description of each component of the proposed training program and the number of employee training hours requested; and
(c) A statement of the total anticipated costs and expenses of the program, including a breakdown of the costs associated with equipment, personnel, facilities, and materials.
(4) Approval of the grant-in-aid and skills training investment credit application by the board shall be based upon the following criteria:
(a) The program must be within the scope of KRS § 154.12-204 to KRS § 154.12-208;
(b) Participants in the program must qualify as an employee as defined by KRS
154.12-204;
(c) The program must involve an area of skills upgrade training, occupational upgrade training, and education which is needed by a qualified company and for which a shortage of qualified individuals exists within the Commonwealth; and
(d) The grant-in-aid and skills training investment credit must be essential to the success of the program as the resources are inadequate to attract the technical assistance and financial support necessary from a qualified company.
(5) After a review of applications for grant-in-aid and skills training investment credits, the corporation may designate the qualified company as an approved company and approve the maximum amount of grants and skills training investment credits the approved company is eligible to receive. The maximum amount of skills training
investment credits approved for all qualified companies by the corporation shall not exceed two million five hundred thousand dollars ($2,500,000) for each fiscal year. Skills training investment credits that remain unallocated by the corporation at the end of its fiscal year shall lapse and shall not be carried forward to a new fiscal year.
(6) The approved company shall complete all programs of skills upgrade training or occupational upgrade training within one (1) year from the date of approval by the corporation and shall certify the completion of these programs to the corporation. Once they are completed and certified and all required documentation is provided and received by the corporation, the corporation shall disburse the grant funds or notify the approved company of the final authorized skills training investment credit.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 8, effective June 29, 2023. — Amended
2021 Ky. Acts ch. 185, sec. 104, effective June 29, 2021. — Amended 2018 Ky. Acts ch. 199, sec. 14, effective July 14, 2018. — Amended 2009 Ky. Acts ch. 11, sec. 33, effective June 25, 2009. — Amended 2006 Ky. Acts ch. 211, sec. 65, effective July
12, 2006. — Amended 2002 Ky. Acts ch. 65, sec. 2, effective July 15, 2002. — Amended 2000 Ky. Acts ch. 300, sec. 6, effective July 14, 2000; and ch. 466, sec. 1, effective April 21, 2000. — Amended 1996 Ky. Acts ch. 194, sec. 20, effective July
15, 1996. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 393, effective July 13, 1990. — 1988 Ky. Acts ch. 437, Part XI, sec. 1, effective April 15, 1988. — Created 1984 Ky. Acts ch. 211, sec. 4, effective July 13, 1984.
Formerly codified as KRS § 157.740
(2) The corporation may, in accordance with KRS § 154.12-204 to KRS § 154.12-208, award a skills training investment credit to an approved company. The amount of the skills training investment credit awarded by the corporation shall be an amount not to exceed fifty percent (50%) of the amount of approved costs incurred by the approved company in connection with its program of occupational upgrade training or skills upgrade training, the credit amount not to exceed two thousand dollars ($2,000) per trainee and, in the aggregate, not to exceed five hundred thousand dollars ($500,000) for each approved company per fiscal year. The corporation shall only approve one (1) application per fiscal year for each approved company.
Terms Used In Kentucky Statutes 154.12-207
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) To apply for a grant-in-aid or a skills training investment credit, a qualified company shall submit an application to the Bluegrass State Skills Corporation before commencing its program of skills upgrade or occupational upgrade training. Each application shall contain information the corporation requires, including but not limited to:
(a) A proposal for a program of skills upgrade training, occupational upgrade training, and education;
(b) A description of each component of the proposed training program and the number of employee training hours requested; and
(c) A statement of the total anticipated costs and expenses of the program, including a breakdown of the costs associated with equipment, personnel, facilities, and materials.
(4) Approval of the grant-in-aid and skills training investment credit application by the board shall be based upon the following criteria:
(a) The program must be within the scope of KRS § 154.12-204 to KRS § 154.12-208;
(b) Participants in the program must qualify as an employee as defined by KRS
154.12-204;
(c) The program must involve an area of skills upgrade training, occupational upgrade training, and education which is needed by a qualified company and for which a shortage of qualified individuals exists within the Commonwealth; and
(d) The grant-in-aid and skills training investment credit must be essential to the success of the program as the resources are inadequate to attract the technical assistance and financial support necessary from a qualified company.
(5) After a review of applications for grant-in-aid and skills training investment credits, the corporation may designate the qualified company as an approved company and approve the maximum amount of grants and skills training investment credits the approved company is eligible to receive. The maximum amount of skills training
investment credits approved for all qualified companies by the corporation shall not exceed two million five hundred thousand dollars ($2,500,000) for each fiscal year. Skills training investment credits that remain unallocated by the corporation at the end of its fiscal year shall lapse and shall not be carried forward to a new fiscal year.
(6) The approved company shall complete all programs of skills upgrade training or occupational upgrade training within one (1) year from the date of approval by the corporation and shall certify the completion of these programs to the corporation. Once they are completed and certified and all required documentation is provided and received by the corporation, the corporation shall disburse the grant funds or notify the approved company of the final authorized skills training investment credit.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 8, effective June 29, 2023. — Amended
2021 Ky. Acts ch. 185, sec. 104, effective June 29, 2021. — Amended 2018 Ky. Acts ch. 199, sec. 14, effective July 14, 2018. — Amended 2009 Ky. Acts ch. 11, sec. 33, effective June 25, 2009. — Amended 2006 Ky. Acts ch. 211, sec. 65, effective July
12, 2006. — Amended 2002 Ky. Acts ch. 65, sec. 2, effective July 15, 2002. — Amended 2000 Ky. Acts ch. 300, sec. 6, effective July 14, 2000; and ch. 466, sec. 1, effective April 21, 2000. — Amended 1996 Ky. Acts ch. 194, sec. 20, effective July
15, 1996. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 393, effective July 13, 1990. — 1988 Ky. Acts ch. 437, Part XI, sec. 1, effective April 15, 1988. — Created 1984 Ky. Acts ch. 211, sec. 4, effective July 13, 1984.
Formerly codified as KRS § 157.740