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HR 4088 115th Congress House Taxation Business expenses Employee benefits and pensions Employment and training programs Income tax credits

Career Advancement through New Skills Act

Introduced: October 19, 2017 Introduced by: Thompson, Mike Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 19, 2017
Referred to the House Committee on Ways and Means.
Oct 19, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Career Advancement through New Skills Act

This bill amends the Internal Revenue Code to allow 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.

What's happening now October 19, 2017

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1