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(a) There is hereby created the Arkansas Existing Workforce Training Program, to be administered by a governing council composed of equal representation from the Division of Higher Education, the Division of Career and Technical Education, and the Arkansas Economic Development Commission.
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(b) The primary purpose of the program shall be to provide financial assistance to Arkansas business and industry for upgrading the knowledge and skills of the existing work force or a potential new workforce and to increase the capacity of state-supported educational institutions to supply the ongoing training needs of Arkansas companies.
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(c)
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(1)
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(A) When an eligible company uses a state-supported educational institution to provide its classroom training, financial support can be either in the form of a direct grant or in the form of an income tax credit.
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(B) Companies that elect to receive a grant cannot claim a tax credit for the same purpose.
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(2) When an eligible company is conducting internal training using company trainers or consultants, financial support can be only in the form of an income tax credit.
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(3) When an eligible consortium uses a state-supported educational institution to provide its classroom training, financial support can be only in the form of a grant.
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