Section 63N-3-112 - Talent development grants(1) A for-profit business that is creating new incremental high paying jobs in the state, may apply to receive a talent development grant from the restricted account.(2) In accordance with the provisions of this section and in consultation with the GOEO board, the administrator may award up to $10,000 per new job created.(3) The administrator shall designate an application process for a business to apply for the grant.(4) A business may apply to receive a grant only after each employee has been employed at qualifying wage levels for at least 12 consecutive months.(5) The office shall deduct money granted for a talent development grant under this section from any other money or incentive awarded by the office to the business.(6) Grants awarded under this section are only to reimburse a business for the costs incurred to recruit, hire, train, and otherwise employ an employee in a newly created job.(7) As part of the application process, a business shall submit a hiring and training plan detailing how the grant money will be used.(8) The administrator may grant an award only up to an amount that is no more than 25% of the estimated costs to be incurred by the business for the costs in the hiring and training plan.Amended by Chapter 159, 2024 General Session ,§ 26, eff. 5/1/2024.Amended by Chapter 362, 2022 General Session ,§ 59, eff. 7/1/2022.Added by Chapter 282, 2021 General Session ,§ 110, eff. 7/1/2021.