Bipartisan group of lawmakers pushes job training tax credits
A bipartisan group of lawmakers introduced legislation Thursday that would provide tax credits to business to offset expenses related to employee training and education.
The bill, dubbed the Career Advancement Through New Skills Act, would offer a tax credit covering 25 percent of the first $5,000 that an employer spends on education and training expenses. Qualified deductions would include the cost of training programs that allow workers to meet or update skills the employer needs.
"One the greatest challenges facing workers today is connecting the skills and knowledge they have with the jobs that actually exist. Similarly, small businesses have trouble finding qualified applicants for the jobs of the 21st century. This bill encourages these employers to put resources toward training and educating workers for the jobs that exist now," said Rep. Randy Hultgren, R-Ill., a co-sponsor of the bill.
Co-sponsors of the legislation are Reps. Mike Thompson, D-Calif., Bradley Byrne, R-Ala., and Derek Kilmer, D-Wash. Kilmer noted that skills shortage was a commonly cited problem by business owners.
"The nation's skills gap is significant. Small businesses across the country report being unable to find qualified applicants and CEOs report shortages of workers for skilled, well-paying jobs," Kilmer said.
By: Sean Higgins
Source: The Washington Examiner