S.538 - Investing in American Workers Act116th Congress (2019-2020) |
|Sponsor:||Sen. Warner, Mark R. [D-VA] (Introduced 02/25/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/25/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.538 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/25/2019)
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 year, over (2) the average of the adjusted qualified training expenditures for the three previous 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.