The Skilled Workforce Act would create a tax credit worth 30% of qualifying investments in certified workforce training projects. Projects must equip, expand, or improve eligible schools or workforce programs to address shortages and skills gaps in in-demand jobs. Eligible property may include buildings, equipment, and certain digital learning tools. The Treasury Secretary, in consultation with the Commerce Secretary, would certify projects. Total credit allocations could not exceed $500 million, with no more than $400 million for projects that do not involve specified public schools or school districts. Eligible taxpayers could claim the credit as a payment or transfer it. The bill would exclude foreign entities of concern from eligibility.
Eligible public schools, community colleges, career and technical education schools, state workforce programs, and certain groups of these institutions could take part in qualifying projects. Taxpayers that invest in certified projects could qualify for the credit if they meet the bill’s requirements. The bill does not describe specific projects or say which applicants would receive certification.
The bill caps total credit allocations at $500 million. It also authorizes amounts as needed to administer the program, but does not specify those amounts.
No publicly available information.
No publicly available information.