On Thursday, November 14 the Tech Talent: Boulder/Broomfield Sector Partnership convened for its final meeting of 2024 in partnership with the Chamber’s Policy Programs team. The meeting covered HB24-1439, a bill that creates a state income tax credit for a taxpayer operating in a new and emerging industry and who has registered an apprenticeship program and received a certificate from the State Apprenticeship Agency (SAA) in CDLE, or is an employer registered in the Colorado State Apprenticeship Resource Directory. This discussion was led by Katherine Keegan, Director of the Office of the Future of Work at CDLE.
HB24-1429: Financial Incentives Expand Apprenticeship Programs
- The Office of the Future of Work has established 3 funding programs to expand Registered Apprenticeship Programs in Colorado: New and Emerging Industries Tax Credit, Scale Up Grants, and Qualified Apprenticeship Intermediary Grants.
- The tax credit is equal to up to $6,300 for six months of employment, plus up to $1,050 for each additional month of employment. Qualified taxpayers can claim up to $12,600 per apprentice for a maximum of 10 apprentices and up $126,000 per income tax year.
- In order to receive the tax credit, you must be a qualified tax payer doing business in Colorado, employ one or more apprentices in a Registered Apprenticeship Program (RAP) for at least 6 months in the tax year, and employ apprentices in a “New and Emerging” occupation based on the Program’s occupational classification.
- Currently, any registered apprenticeship occupations that do not fall under “Building and Construction Trades” are considered “New and Emerging.” These can be anything from nursing to hospitality to IT. If your business or organization does not fall into this category, the Office of Future Work also has funding related to launching, expanding, and diversifying apprenticeship programs (please see linked slideshow for more information).
2025 Industry Roadmap
What are the biggest priorities for your company/organization going into 2025? How can public partners support you in this?
- Employers are having a difficult time filling mid-level positions and are hesitant to hire new graduates or entry-level talent to fill these roles. This could be due to a few reasons, including the fact that Boulder’s tech industry runs leaner than it did prior to COVID, and that companies are focused more on developing talent internally.
- Boulder’s tech industry is more complicated, and therefore siloed, due to its diverse ecosystem including specialties like marketing, information technology, AI, cybersecurity, and most recently quantum.
- Companies not designated within the tech industry are still looking for tech talent to fill roles related to back-end support, software development, and cybersecurity among others in 2025.
- There are existing programs for developing tech talent within K-12 and higher education; bridging the gap between industry education partners to better address workforce needs is key to developing successful internship and apprenticeship programs.
Thank you to Expansive for hosting this meeting!
Expansive creates workspaces where people and companies thrive, both professionally and personally, no matter what type of endeavor they are pursuing. They leverage the advantages of property ownership to help organizations maximize the return on their workspace investment.