Posted by Matt Tomko
Throughout the rest of 2022, only three application windows remain to apply for Ohio’s TechCred Program. The upcoming windows will run during the following periods:
Ohio’s TechCred program offers “credential reimbursement” to eligible Ohio employers aiming to develop, train or upskill current or future employees via technology related certifications and credentials. The program reimburses employers up to $2,000 per credential earned and allows for up to $30,000 per employer, per funding round. Reimbursable costs include those related to tuition, lab fees, manuals, textbooks and certification fees.
While the financial incentive of the program is clear, it also could help employers add a tool to their hiring and retention toolbox — incentivizing new hires with “paid” opportunities to advance their careers and maximizing the skills of current employees. Additionally, TechCred can be combined with other federal and state funding opportunities to cover costs that go beyond the TechCred limitations.
After determining which new credentials will be most beneficial to the business, the employer must partner with an eligible provider, such as a university or tech school, that offers the appropriate training. Once a provider is selected, the employer is ready to apply for the TechCred program at the Ohio.gov website.
Note that to apply for the credit, the employer does not need to name specific employees for the training, only the number of employees that will be earning the credential, as well as the average wage of such an employee before and after the credential is earned. If the application is approved, the employer then enrolls employees in their respective programs.
To be reimbursed, employers must submit documentation that the employee has completed the course/training, its cost and the employee’s information within six weeks of completion.
Employers seeking to use TechCred are not limited by their size or industry. All Ohio registered employers that employ Ohio resident W-2 employees are eligible for the program.
For employees to qualify, an individual must earn W-2 wages and be an Ohio resident at the time reimbursement is requested.
Eligible credentials and certifications must be industry-recognized and technology-focused. These credentials can be earned online or in person through universities, community colleges, technical centers or private training providers. In addition, the credentials must be completed in less than 12 months and less than 30 credit hours or 900 clock hours.
The TechCred program is an initiative that can help forward-focused employers make the most of their teams. Those interested in this program should apply to take advantage of it as soon as possible.
Contact Matt Tomko at mtomko@cohencpa.com, Marc Mazzella at mmazzella@cohencpa.com or a member of your service team to discuss this topic further.
Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.