Bill > S3489

This bill, titled the "Investing in American Workers Act," proposes to amend the Internal Revenue Code of 1986 to create a new tax credit for employers who provide worker training. The credit would be equal to 20% of the qualified training expenditures for the year, minus the average of such expenditures over the three preceding years. Qualified training is defined as training that leads to a recognized postsecondary credential, such as an industry-recognized certificate, a certificate of completion for an apprenticeship, a state or federal license, or an associate's or bachelor's degree. This training must be provided through registered apprenticeship programs, programs listed under the Workforce Innovation and Opportunity Act, programs conducted by career and technical education schools or community colleges, or programs sponsored by employers, industry groups, or labor organizations. The credit is specifically for training non-highly compensated employees, meaning those whose annual pay does not exceed 60% of a certain threshold. For small businesses with less than $5 million in gross receipts, or tax-exempt organizations, there's an option to elect to apply a portion of this credit directly against their payroll taxes, up to a limit of $250,000. The bill also includes provisions for simplified filing for these smaller employers and requires regulations to clarify the definition of recognized postsecondary credentials.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3489/all-info