Bill > SB5682

This bill extends the Washington Customized Employment Training Program tax credit until July 1, 2031, with the goal of supporting workforce development and helping businesses retain and expand in the state. The bill allows businesses participating in the program to claim a tax credit equal to 50% of their payments to the employment training finance account, with credits that can be carried over to subsequent calendar years. The legislation requires the college board to submit a report by December 31, 2028, focusing on the distribution of credit eligibility by county, the geographical spread of qualified training institutions, and efforts to encourage broader industry and institutional participation in the program. The bill highlights that 75% of participating businesses have successfully completed training and repaid their training allowances, which motivated the legislature to extend the program. The tax preference is specifically intended to provide customized workforce training that enhances worker skill sets and supports existing businesses in Washington. If a future review confirms the program's continued success, the legislature may consider further extending the tax credit beyond 2031.