WASHINGTON D.C. — The office of U.S. Senator Todd Young, R-Ind. announced that a bipartisan bill centered around workforce development has been reintroduced.
According to a news release from Young’s office, Young recently reintroduced the Upskilling and Retraining Assistance Act with U.S. Senator Maggie Hassan, D-N.H., which would help ensure that job providers have “necessary tools to hire and retrain workers.”
This legislation is aimed at increasing the amount of tax-free educational assistance employees are able to receive from their employers, the release said. The legislation would also cover expenses for education-related tools, technology and equipment.
Officials said the current tax code only allows employers to cover up to $5,250 in educational programs for their workers before they are required to pay taxes on those benefits. This legislation would expand the tax inclusion to $12,000 for the next two years, as well as expand it to include education-related tools and technology like:
- Hand tools
- Computers and software
- Internet access
- Licensure fees
- Other items deemed necessary to complete the educational programs.
“With artificial intelligence influencing every sector of the economy, it’s crucial that our workforce is prepared not just for the jobs of today, but for the AI-driven jobs of tomorrow,” Young said in the release. “Our bipartisan bill would boost an important tax provision to improve workforce development opportunities and provide job creators with the necessary tools to attract and retain a workforce skilled in AI and other emerging technologies. This legislation is a win-win for both workers and employers in the digital era.”