NY to Offer Tax Credits to Companies That Upgrade Training

New York companies that help workers enhance their skills and productivity through training can now apply for a new state tax credit.

Gov. Andrew Cuomo on Tuesday announced the launch of the Employee Training Incentive Program, which will award $5 million in tax credits annually to businesses that offer current and new employees training that “upgrades, retains or improves” their productivity.

The Democratic governor said that it’s part of an effort to improve workforce training to attract and retain high-tech industries.

To be eligible, companies will need to invest at least $1 million in the training and show they have the potential to create jobs.

Some of the money will be earmarked for internship programs in electronics, biotechnology, robotics and other advanced technologies.