H.R.5153 - USA Workforce Tax Credit Act115th Congress (2017-2018) |
|Sponsor:||Rep. Smucker, Lloyd [R-PA-16] (Introduced 03/01/2018)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/01/2018 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5153 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (03/01/2018)
USA Workforce Tax Credit Act
This bill amends the Internal Revenue Code to allow tax credits for charitable contributions to certain nonprofit organizations with the exclusive purpose of providing: (1) workforce development and apprenticeship training, or (2) scholarships for elementary and secondary education expenses of students from households with income that does not exceed 200% of the median gross income.
The bill limits the credits to specified amounts for individuals and corporations. It also: (1) imposes a tax on workforce development, apprenticeship training, and scholarship granting organizations that fail to distribute a specified portion of their receipts; and (2) establishes a $2 billion annual volume cap for the tax credits allowed under this bill.