Working Families Tax Cuts Build a Skilled Workforce

Working Families Tax Cuts Build a Skilled Workforce

Washington, D.C.-The Working Families Tax Cuts are helping Americans gain the skills needed to succeed in the workplace. The law expands support for workforce development programs and education, making it easier for Americans to pursue the training, skills and credentials that best fit their career goals and open doors to new opportunities.

The law's pro-growth tax policies are also encouraging business investment, strengthening the economy and creating good-paying jobs, helping to ensure students, trainees and workers have opportunities to put their new skills to use.

"Americans should have more opportunities to pursue the education and training that prepare them to succeed in the workforce," said U.S. Senate Finance Chairman Mike Crapo (R-Idaho). "Whether Idahoans plan to enter a skilled trade, pursue a college degree or both, the Working Families Tax Cuts are making it easier for them to develop the skills that employers need and pursue rewarding careers."

Key wins:

• Qualified workforce development programs and vocational education are now eligible 529 plan expenses
• Permanent tax exclusion of up to $5,250 per year for employers that help repay their employees' student loans
• Permanent full expensing for machinery and equipment
• Permanent immediate deductibility for domestic R&D expenses
• Full expensing for near-term investments in factories and factory improvements

What they are saying:

"The expansion of Section 529 plans to include skilled trade schools is another big win for the industry. [Associated Builders and Contractors] recently estimated that the construction industry needs to attract 349,000 net new workers in 2026 to meet demand for construction services. Allowing 529 funds to be used for these programs helps the next generation access the education and hands-on training needed to enter the workforce." - Eric Seidman, Partner, Wouch Maloney & Co.

Click HERE to learn more about how the Working Families Tax Cuts support workforce development.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.