HB1492

House Bill 1492 amends the existing Arkansas income tax credit available to employers who participate in apprenticeship programs. The legislation increases the per-apprentice tax credit from a maximum of $2,000 or 10% of wages to a maximum of $3,500 or 15% of wages. Additionally, the bill raises the total annual cap on the aggregate amount of tax credits a taxpayer may claim from $10,000 to $15,000. These changes apply to tax years beginning on or after January 1, 2023. The primary goal of the bill is to provide increased financial incentives for businesses to hire and train apprentices.