State Lawmakers To Consider Tax Incentives With Proposed Apprenticeship Bill
State lawmakers will consider a bill that will give tax incentives to businesses that take on apprentices.
When you think about entrepreneurs, you’re thinking about Daniel Mcloud. He owns three businesses right next to each other in midtown Oklahoma City. Brushed Salon and Makeup Studio, Chirps and Cheers and Trade Supply.
“I believe in apprenticeship programs. I believe that there’s a lot of value in developing that,” Mcloud said. “In trade we do our own leather goods and we can teach people how to be an artisan. How to manufacture. We can teach them the process of manufacturing. We can go through how to identify pricing.”
Soon Oklahoma entrepreneurs could receive tax credits for teaching apprentices’ skills that lead to high paying jobs.
“A thousand-dollar tax credit per apprentice for up to five years and they can have 10-apprentices Per business. And what this does is it offsets the cost of an apprenticeship business,” said the bill’s author, Representative Mickey Dollens (D) Oklahoma City.
The bill includes a $3 million cap and certain restrictions.
“That’s the thing. These apprenticeships only apply to those that are recognized by the U.S. Department of Labor. So there are safety standards involved, there are prevailing wages that are involved, it’s not that anyone can go create their own apprenticeship program.” Dollens said.
The programs could apply to businesses like Mcloud’s, so apprentices could learn leather working, retail and hairstyling. Or they could include welding, plumbing, electrical work or a long list of high paying and high demand jobs.
“Those are career fields that are not going to go anywhere. And if you’re able to utilize an apprentice through that program and get a tax credit it’s a win, win for both the apprentice and the business owner,” McCloud said.
“Dollens bill, HB 3378, will first be heard in appropriations and budget committee. If it passes there it goes to the house floor and could be on the governor’s desk by May.