Iowa Industrial New Jobs Training 260E
The Iowa Industrial New Jobs Training (260E) program at Iowa Lakes Community College is designed to support businesses in Clay, Dickinson, Emmet, Kossuth, or Palo Alto counties that are creating new positions and need training for their employees. This program targets companies that are either new to Iowa, expanding their workforce within the state, or relocating to Iowa. The 260E jobs-training program is funded through bonds sold by Iowa Lakes Community College.
Here's how it works:
-
Eligibility and Award Calculation:
Businesses must create new jobs to qualify. The funding awarded depends on the number of new jobs created and their starting wages. Based on this information, an award amount is calculated, and a training plan is developed.
-
Funding Reimbursement
The funding for the training is repaid through a portion of the new jobs' gross payroll, making the repayment process straightforward and manageable for businesses. Specifically, businesses divert 1.5% or 3% (depending on wage thresholds) of the gross payroll from Iowa state withholding taxes generated by these new positions. This means that the training is effectively available at no direct cost to the business, as the repayment comes from taxes that would have gone to the state.
Training and Reimbursement: Participants in the program may be eligible for reimbursement of up to 50% of the approved award amount for on-the-job training.
-
Additional Benefits
Companies may qualify for a corporate new jobs tax credit if they increase their Iowa employee base by at least 10%.
This program is an excellent resource for businesses looking to grow their operations in Iowa while minimizing their upfront training costs.
LET'S TALK!
 |