H.R.3037 - Career Advancement through New Skills Act116th Congress (2019-2020)
|Sponsor:||Rep. Thompson, Mike [D-CA-5] (Introduced 05/28/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/28/2019 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3037 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/28/2019)
Career Advancement through New Skills Act
This bill allows a tax credit for employers that is equal to 25% of the qualified education and training expenses paid or incurred for employees. The expenses taken into account for the credit may not exceed $5,000 with respect to any employee for any taxable year.
"Qualified education and training expenses" must be for a program specifically designed to maintain or improve skills of the employee which are necessary or useful either (1) in the employee's current position with the employer, or (2) in another position with the employer to which the employer reasonably anticipates the employee may transfer.
The credit does not apply to expenses for education or training programs that are provided by the employer or by certain family members or business partners of the employer.