What is the official ID of this bill?
The official print number for this legislation is HR 6402.
Higher tax exclusion for employee educational assistance and professional tools.
This Act increases the amount of employer-provided educational assistance that employees can receive tax-free, setting the annual limit at $12,000 for education below the graduate level, with future adjustments for inflation. Crucially, it expands the definition of educational assistance to include essential education-related tools and technology, such as computers, software, internet access, and trade-specific equipment. This change supports workers in pursuing professional development, obtaining certifications, and advancing their careers.
Key points
Tax-Free Educational Assistance Increase: The annual exclusion limit for employer-provided educational assistance (below graduate level) is set at $12,000 per individual.
Inflation Adjustment: The $12,000 limit will be adjusted annually for inflation for any calendar year after 2023.
Expanded Coverage for Tools and Technology: The exclusion now covers 'education-related tools and technology,' including computers, software, internet services, hand tools, and construction equipment required for courses, certifications, or professional advancement.
Financial Benefit for Workers: Employees will not have to pay income tax on up to $12,000 of assistance (adjusted for inflation).
Status:
Expired
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