H.R. 5012 · 116th Congress
Investing in American Workers Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KrishnamoorthiSponsor9 cosponsors · 9 D
8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows a business-related tax credit for employers who increase worker training expenditures.
What it does: CRS summary · Introduced in House · Nov 8, 2019
Investing in American Workers Act
This bill allows a business-related tax credit for employers who increase worker training expenditures.
The credit is equal to 20% of the excess of (1) the qualified training expenditures for the taxable year, over (2) the average of the adjusted qualified training expenditures for the three previous taxable years. If the employer had no qualified training expenditures in any one of the three previous years, the credit is equal to 10% of the adjusted qualified training expenditures for the year.
The credit applies to expenditures for the training of non-highly compensated employees (annual compensation does not exceed $82,000). The training must result in the attainment of a recognized postsecondary credential and be provided through
- an apprenticeship program;
- a program of training services that is included on a list of eligible training providers that states are required to maintain under the Workforce Innovation and Opportunity Act;
- a program that is conducted by an area career and technical education school, a community college, or a labor organization; or
- a program that is sponsored and administered by an employer, industry trade association, industry or sector partnership, or labor organization.
Certain small businesses and tax-exempt organizations may apply the credit against payroll taxes, subject to specified limits and requirements. Eligible small businesses may also apply the credit against the alternative minimum tax.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Investing in American Workers Act
Latest action (Nov 8, 2019): Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: Nov 8, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.