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Iowa
New Jobs Training Program
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Purpose:
To provide customized classroom instruction, on-the-job training
and other training activities for employees in newly created
jobs.
General
Eligibility:
Companies creating new jobs which are engaged in manufacturing,
assembling products, conducting research and development,
or providing interstate services are eligible. Retail, health
and professional service business are excluded.
Terms
and Conditions:
An employer may be reimbursed up to 50 percent of new employees'
wages for on-the-job training. All training is customized
to the company's special needs. Community colleges finance
the program by the sale of tax-exempt bonds which are repaid
by the tax revenue generated by the salaries and capital invested
to support the new jobs. As a result, the company profits
are not used to repay the bonds. (See example here.)
For additional
information, please e-mail OED@dmgov.org or call
(515) 283-4004.
Example
of New Job Training Assistance
| Assumption |
57
New Employees at $9.76 per hour |
|
Job Training Assistance |
Estimated
New Jobs Training Fund |
|
$110,000 |
|
Examples of Job Training Assistance Uses |
- On-the-Job
Training
- Company
Trainer for Quality Improvement Training
- Travel
for New Employees to Training
- College
Trainer for Safety Training
- Training
Materials and Equipment
|
$36,000
$18,000
$23,200
$16,500
$15,500 |
|
| New
Jobs Tax Credit |
- Companies
utilizing the New Jobs Training Program and increasing
their employment at least by 10% may be eligible for
this credit.
- The
tax credit is applied to Iowa corporate income tax
and is adjusted annually.
- Based
upon the 2000 credit of $1,038 per new job and the
previous assumption of 57 new jobs.
|
|
$59,166 |
| Summary
of Benefits |
|
|
$169,166 |
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