Tax Credit for Employers Hiring Apprentices (LEAP Act)
This bill introduces a new tax credit for employers who hire employees participating in qualified apprenticeship programs. The goal is to incentivize businesses to create more apprenticeship opportunities and invest in skilled workforce training. For citizens, this means potentially more chances to gain paid professional experience and enter the job market. Additionally, the act mandates efforts to reduce government printing costs, while ensuring essential documents remain available in print for seniors and those with limited internet access.
Key points
New Tax Credit: Employers can claim a $1,500 tax credit for each new apprentice employee hired above their established baseline (80% of the average over the preceding 3 years).
Credit Limit: The credit can be claimed for a maximum of two taxable years per apprentice employee.
Construction Industry Rules: Employers in the construction sector (NAICS code 23) qualify only if the apprentice is a pre-apprenticeship graduate and the employer sponsors an apprenticeship program.
Government Savings: The act requires federal agencies to develop a strategy to reduce printing costs by moving publications online, while protecting access to printed materials for vulnerable populations.
No Double Benefit: The new credit is coordinated with other employment-related tax credits, preventing employers from claiming multiple benefits for the same employee.
Introduced
Citizen Poll