Bill > HR5493

This bill creates a new tax credit for individuals who make charitable contributions to nonprofit organizations providing workforce development or apprenticeship training programs. The credit would allow taxpayers to claim up to $1,700 per year for cash donations to qualifying organizations, which must be 501(c)(3) nonprofit entities included on an approved list of workforce training providers under the Workforce Innovation and Opportunity Act. The tax credit would be reduced by any similar state-level credits received, and taxpayers cannot also claim these contributions as charitable deductions on their tax returns. Notably, the credit can be carried forward for up to five years if the full amount cannot be used in the initial tax year. The bill aims to incentivize private contributions to job training programs by offering a direct tax benefit, potentially helping to support workforce skill development and employment opportunities. The new tax provision would apply to taxable years beginning after the date of the Act's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/5493/all-info