Sending Office: Honorable Anthony G. Brown
I am writing to request you co-sponsor the Investing in Tomorrow’s Workforce Act.
Over the past two decades, we have seen a steady decline in the amount employers are investing in their workforce, even in the face of a widening skills gap. By 2020, 65% of all jobs will require a post-secondary education or training beyond high school.
The future competitiveness of our Nation’s economy depends upon ensuring that our workforce educated with the knowledge necessary to compete in a globalized economy.
This legislation would incentivize employers to increase their investments in qualified training programs for their employees, in high-growth occupations as defined by the Bureau of Labor Statistics (BLS), by creating a tax credit to offset part of the training
- Corporations would determine their expenditure for qualified training expenses for the prior tax year
- Companies will be eligible for either a 40% or 20% tax credit
- The amount of the credit is based on the difference between the company’s last year expenditure and current year expenditure for qualified training programs.
- All training programs must focus on occupations that BLS has identified will grow in the coming decade.
- 40% credit will be awarded if training for occupation with >20% growth over the next ten years
- 20% credit will be awarded if training for occupations with <20% over the next ten years
For the United States to remain competitive on the world stage, it needs not only a sufficient number of workers, but also a workforce with the right set of skills to meet the diverse and changing needs of the 21st century economy.
To cosponsor the legislation, please contact Michael Matthews in my office at 5-8699 or email@example.com.
Anthony G. Brown
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