(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.
(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.
(c)
(1)
(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.
(B) Companies that elect to receive a grant cannot claim a tax credit for the same purpose.
(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.
(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.