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Bluegrass State Skills Corporation (BSSC) -
Skills Training Investment Credit Program (STIC)
The BSSC’s STIC program’s basic purpose is to improve and promote
employment opportunities for the residents of Kentucky through tax
credits with business and industry. The STIC program provides tax
credits to companies for company specific training activities. To be
considered, a company must complete and submit an application to the
BSSC Board of Directors. Once the application is preliminarily approved
by the board the company can begin eligible training.
Project Funding
The maximum funding amount for individual companies is $500 per eligible
employee or $100,000 per BSSC biennium (July 1, 2008- June 30, 2010).
The BSSC has a maximum of $2.5 million per fiscal year to award to
eligible companies as tax credits.
Eligible Firms
The company must have been engaged in one of the following qualified
activities within Kentucky for not less than three consecutive years
immediately preceding the submission of the application: manufacturing
including the processing, assembly, production or warehousing of any
property; processing of agricultural and forestry products;
telecommunications; health care; product research and engineering; tool
and die and machine technology; mining; tourism and operation of
facilities to be used in the entertainment, recreation and convention
industry; transportation in support of manufacturing. Any company whose
primary purpose is the sale of goods at retail shall not constitute a
qualified company.
Eligible Training
The following training types are allowed under BSSC guidelines: Skills
Upgrade Training. The following are examples of eligible training
activities and methods: classroom & OJT, innovative training techniques,
individual assessment, train-the-trainer travel, tuition, training
equipment, mandated/safety training and employee wages. Pro/con union
training and retroactive training are not eligible.
Training Costs
The BSSC provides tax credits for 50% of eligible training activities.
This training can be provided by an in-house trainer, a consultant, or
an educational institution. BSSC will credit $25 per hour ($50 p/h total
training) for all in-house training. To view specific rates for
consultants and educational institutions please visit
www.thinkkentucky.com/bssc
or request a copy of the BSSC guidelines.
Eligible Employees
Participants in the STIC program must be residents of Kentucky who are
full-time employees of the applying company and have been employed with
the company for at least one year. Eligible employees must make a
minimum of $9.83 per hour without fringe plus 15% benefits.
Application Scoring
STIC applications are not scored but are considered on a first come,
first serve basis.
For an application and more information, contact:
Kentucky Cabinet for
Economic Development
Old Capitol Annex
300 West Broadway
Frankfort, KY 40601
800-626-2930
econdev@ky.gov
http://www.thinkkentucky.com/bssc/
