Bipartisan Bill Would Give Small Businesses a Tax Credit for Employee Training

A bipartisan group of congressmen has filed legislation to encourage employers to invest more in training and educating their employees.

The legislation would create a tax credit for 25 percent of the first $5,000, or up o $1,250, that an employer spends on qualified education and training expenses for an employee.

Representatives Randy Hultgren (R-Ill.), Mike Thompson (D-Calif.), Bradley Byrne (R-Ala.) and Derek Kilmer (D-Was.) introduced the Career Advancement Through New Skills Act, which they hope will incentivize employers to provide employees with the necessary training needed to close the skill gap that exists between employers’ needs and employees in many industries.

“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. Hultgren. “Let’s help the backbone of our economy—small businesses—create opportunity for their workers in order to grow.”

 

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