Bill > HR4949

This bill creates a new tax credit for small businesses that hire and support young workers or students participating in career and technical education programs. Specifically, the bill allows small businesses to claim a tax credit equal to 50% of qualified wages paid to eligible employees, plus the cost of workers' compensation insurance for those employees. To qualify, an employee must be under 21 years old or participating in a registered apprenticeship program or enrolled in a community college course, career training, or vocational program related to the employer's business. The credit is capped at $10,000 per taxpayer per year, and businesses that are considered related under tax law will be treated as a single taxpayer for credit purposes. The bill aims to incentivize small businesses to invest in youth workforce development by providing a financial benefit for hiring and training young workers in career and technical education programs. This tax credit will take effect for taxable years beginning after December 31, 2025, and will be part of the existing general business credit that businesses can claim on their tax returns.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4949/all-info