What is the official ID of this bill?
The official print number for this legislation is S 3296.
Temporary tax break increase for employee training and essential work tools.
This law temporarily raises the amount of employer-provided educational assistance that is tax-free for employees, increasing it from $5,250 to $12,000 for the 2024 and 2025 tax years. It also expands the definition of covered assistance to include essential tools, computer equipment, software, and internet access required for vocational training and professional certifications. This makes it easier and cheaper for workers to acquire new skills and maintain necessary professional licenses.
Key points
Employers can offer employees up to $12,000 annually for training and education without the employee paying income tax on that amount (effective for 2024–2025).
These funds can cover hand tools, construction equipment, computers, software, and internet access required for a course or professional licensing.
Employees can keep the purchased tools and equipment after training completion without the value being counted as taxable income.
Status:
Expired
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