“A bill to amend the Internal Revenue Code of 1986 to establish the qualifying workforce training project credit.”
No CRS summary available for this bill.
This section establishes a new tax credit under new IRC §48F equal to 30% of qualified investments (i.e., basis of eligible property placed in service) in qualifying workforce training projects certified by the Secretary of the Treasury (in consultation with the Secretary of Commerce). Eligible taxpayers exclude foreign entities of concern (as defined in 15 U.S.C. §4651(8)); eligible property includes depreciable tangible personal property, integral buildings and structural components, and certain intangible property (e.g., digital learning platforms) used for construction, renovation, or infrastructure upgrades at eligible institutions to expand skills-based training for in-demand industries such as advanced manufacturing (including semiconductors), advanced energy (e.g., hydrogen, nuclear, solar), construction, and transportation (e.g., aviation, aerospace). Qualifying workforce training projects must address workforce shortages and skills gaps at eligible institutions, defined to include public secondary schools (grades 9-12), public area career and technical education schools and postsecondary vocational institutions (non-baccalaureate), community colleges (including certain Tribal colleges), state-operated workforce development programs, or their consortia. (As background, these institutions primarily serve non-baccalaureate students via vocational, technical, and associate-degree programs.) The section directs the Secretary to establish a certification program within 180 days of enactment, with total credits capped at $500 million ($400 million subcap excluding projects without certain title I-eligible public secondary schools).