As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies. Learn more about membership...
Congress Considers IT Training Tax Credit
Legislation for the Technology Education and Training Act, introduced earlier this week by a bipartisan group of six Senators, calls for the creation of a income tax credit for businesses to offset information technology training expenses of their workers and trainees. The credit would be equal to 100 percent of the first $1,500 a business spends to train an individual worker. The credit would increase to $2,000 per individual if the training program offered by the business is located in a specially designated area, including existing Empowerment Zones.
Because the credit would apply to programs which lead to certification in information technology (IT), the bill, if passed, also would encourage businesses to form partnerships with schools, universities and job training programs.
Bill sponsor Kent Conrad (D-ND) was joined by cosponsors Senator Olympia Snowe (R-N.H.), Senator Harry Reid (D-NV), Senator Tim Johnson (D-S.D.), Senator Mike DeWine (R-OH) and Senator John D. Rockefeller IV (D-WV) in introducing the bill on Tuesday.
The bill, S. 762, was referred to the Committee on Finance.
More information is available at: HTTP://conrad.senate.gov/~conrad/releases/01/03/2001424A06.html
Additional information on S. 762 will be available soon at http://thomas.loc.gov/