Bill > S2664

This bill establishes a new tax credit called the Qualifying Workforce Training Project Credit, which provides a 30% tax credit for investments in workforce training projects at eligible educational institutions. The credit is available to U.S. taxpayers (excluding foreign entities of concern) who invest in projects that expand training capabilities in high-demand industries such as advanced manufacturing, semiconductor technology, energy, construction, and transportation. Eligible institutions include public secondary schools, career and technical education schools, community colleges, workforce development programs, and similar educational entities focused on skills-based training. The project must be certified by the Secretary of the Treasury (in consultation with the Secretary of Commerce) and meet specific criteria, including addressing current workforce needs, building training pipelines, demonstrating financial sustainability, and providing supportive services to students. The total amount of credits that can be allocated is limited to $500 million, with priority given to projects involving public secondary schools in rural, low-income, or tribal areas. Investors can either claim the credit directly or transfer it to another taxpayer, and the credit cannot be combined with other tax benefits for the same investment. The bill aims to support workforce development by incentivizing investments in educational infrastructure and training programs that address skills gaps in critical industries.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2664/all-info