,,ii #aaith ,,congress #ast ,session ,s4 #bffd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #a1 #bjbe ,mr4 ,ossoff introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to establish the qualifying workforce training project credit4 #a4 ,short title ,this ,act may be cited as the ,skilled ,workforce ,act4 #b4 ,establishment of qualifying workforce training project credit 7a7 ,in general ,subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #dh;,e the following new section3 #dh;,f4 ,qualifying workforce training project credit 7a7 ,establishment of credit 7#a7 ,in general ,for purposes of section #df1 the qualifying workforce training project credit for any taxable year is an amount equal to #cj percent of the qualified investment for such taxable year with respect to any qualifying workforce training project of an eligible taxpayer4 7#b7 ,eligible taxpayer ,for purposes of this section1 the term eligible taxpayer means any taxpayer which is not a foreign entity of concern 7as defined in section #iija7h7 of the ,william ,m4 7,mac7 ,thornberry ,national ,defense ,authorization ,act for ,fiscal ,year #bjba 7#ae ,u4,s4,c4 #dfea7h7774 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment for any taxable year is the basis of eligible property placed in service by the eligible taxpayer during such taxable year which is part of a qualifying workforce training project4 7#b7 ,certain qualified progress expenditure rules made applicable ,rules similar to the rules of subsections 7c77#d7 and 7d7 of section #df 7as in effect on the day before the enactment of the ,revenue ,reconciliation ,act of #aiij7 shall apply for purposes of this section4 7#c7 ,limitation ,the amount which is treated as the qualified investment for all taxable years with respect to any qualifying workforce training project shall not exceed the amount designated by the ,secretary as eligible for the credit under this section4 7c7 ,definitions ,in this section-- 7#a7 ,qualifying workforce training project ,the term qualifying workforce training project means a project1 any portion of the qualified investment of which is certified by the ,secretary 7in consultation with the ,secretary of ,commerce7 under subsection 7d7 as eligible for a credit under this section1 which equips1 expands1 or enhances an eligible institution to address workforce shortages and skills gaps with respect to in-demand jobs and industries 7as identified by the ,secretary71 including-- 7,a7 advanced1 high-tech1 semiconductor1 and industrial manufacturing1 7,b7 advanced energy 7such as hydrogen1 nuclear1 and solar71 7,c7 construction1 and 7,d7 transportation1 including aviation1 aerospace1 airports1 and advanced air mobility4 7#b7 ,eligible property ,the term eligible property means any property-- 7,a7 which is necessary for construction1 renovation1 or infrastructure upgrades with respect to the campus and facilities of an eligible institution which will1 in the judgment of the ,secretary1 expand high-quality1 in-demand1 skills-based training1 programming1 and workforce opportunities1 7,b7 which is-- 7i7 tangible personal property1 7ii7 other tangible property 7including a building and its structural components71 but only if such property is used as an integral part of the eligible institution1 or 7iii7 intangible property 7as defined in section #cfg7;d77#d771 including digital or virtual learning platforms and associated equipment1 but only if such property is used as an integral part of any property described in clause 7i7 and the eligible institution1 and 7,c7 with respect to which depreciation 7or amortization in lieu of depreciation7 is allowable4 7#c7 ,eligible institution 7,a7 ,in general ,the term eligible institution means an entity that is 7and was1 as of the day before the date of enactment of this ,act7-- 7i7 a public secondary school or a local educational agency1 7ii7 an area career and technical education school 7as defined in section #c of the ,carl ,d4 ,perkins ,career and ,technical ,education ,act of #bjjf 7#bj ,u4,s4,c4 #bcjb77-- 7,i7 that is a public school1 and 7,,ii7 at which the most frequently awarded degree is not a bachelor's degree1 7iii7 a postsecondary vocational institution 7as defined in section #ajb7;c7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajjb7;c777-- 7,i7 that is a public institution1 and 7,,ii7 at which the most frequently awarded degree is not a bachelor's degree1 7iv7 a community college1 7v7 a ,state-operated workforce development program1 or 7vi7 a consortium of entities described in clauses 7i7 through 7v74 7,b7 ,community college ,the term community college means-- 7i7 a public institution of higher education 7as defined in section #aja7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja7;a7771 at which-- 7,i7 the highest degree awarded is an associate degree1 or 7,,ii7 an associate degree is the most frequently awarded degree1 or 7ii7 a ,tribal ,college or ,university 7as defined in section #caf7;b7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajei;c7b777-- 7,i7 that is a #b-year ,tribal ,college or ,university1 7,,ii7 at which the highest degree awarded is an associate degree1 or 7,,iii7 at which an associate degree is the most frequently awarded degree4 7#d7 ,public secondary school ,the term public secondary school means a public secondary school1 as defined in section #haja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja71 that includes any of grades #i through #ab4 7d7 ,qualifying workforce training project program 7#a7 ,establishment 7,a7 ,in general ,not later than #ahj days after the date of enactment of this section1 the ,secretary1 in consultation with the ,secretary of ,commerce1 shall establish a qualifying workforce training project program to consider and award certifications for qualified investments eligible for credits under this section to qualifying workforce training project sponsors4 7,b7 ,limitation ,the total amount of credits that may be allocated under the program shall not exceed #ejj1jjj1jjj1 of which not greater than #djj1jjj1jjj may be allocated to qualified investments with respect to any qualifying workforce training project which does not involve an eligible institution which is one or more of the following3 7i7 ,a public secondary school that is eligible to receive assistance under part ,a of title ,i of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #fcaa et seq474 7ii7 ,a rural public secondary school4 7iii7 ,a public secondary school funded by the ,bureau of ,indian ,education4 7iv7 ,a local educational agency that will support a qualifying workforce training project involving a school described in clause 7i7 or 7ii74 7#b7 ,certification 7,a7 ,application period ,each applicant for certification under this paragraph shall submit an application containing such information as the ,secretary may require during the #d-year period beginning on the date the ,secretary establishes the program under paragraph 7#a74 7,b7 ,time to meet criteria for certification ,each applicant for certification shall have #a year from the date of acceptance by the ,secretary of the application during which to provide to the ,secretary evidence that the requirements of the certification have been met4 7,c7 ,period of issuance ,an applicant which receives a certification shall have #c years from the date of issuance of the certification in order to place the project in service and if such project is not placed in service by that time period1 then the certification shall no longer be valid4 7#c7 ,selection criteria ,in determining which qualifying workforce training projects to certify under this section1 the ,secretary shall take into consideration which projects-- 7,a7 satisfy current or expected ,state or regional workforce development requirements1 7,b7 build in-demand training program pipelines which maximize the skill level of1 and expand opportunities for high-quality employment for1 the ,state or regional workforce1 7,c7 demonstrate financial sustainability of the project in the geographic region in which it is located1 and 7,d7 provide accommodations to individuals enrolled at the eligible institution to receive supportive services or propose to directly provide such services to individuals enrolled at the eligible institution4 7#d7 ,review and redistribution2 disclosure of allocations ,rules similar to rules under paragraphs 7#d7 and 7#e7 of section #dh;,c7d7 shall apply for purposes of this section4 7e7 ,denial of double benefit ,in the case of any qualified investment for which a credit is allowed under this section-- 7#a7 no deduction shall be allowed under section #agj with respect to such investment1 and 7#b7 no credit shall be allowed under any other provision of this chapter with respect to such investment4 4 7b7 ,elective payment and transfer of credit 7#a7 ,elective payment ,section #fdag7;b7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#ac7 ,the qualifying workforce training project credit under section #dh;,f4 4 7#b7 ,transfer ,section #fdah7;f77#a77;,a7 of the ,internal ,revenue ,code of #aihf1 as amended by section #gjeba of ,public ,law #aai-ba1 is amended by adding at the end the following3 7xiii7 ,the qualifying workforce training project credit under section #dh;,f4 4 7c7 ,conforming amendments 7#a7 ,section #df of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in paragraph 7#f71 by striking and at the end1 7,b7 in paragraph 7#g71 by striking the period at the end and inserting 1 and1 and 7,c7 by adding at the end the following3 7#h7 the qualifying workforce training project credit4 4 7#b7 ,section #di7;a77#a77;,c7 of such ,code is amended-- 7,a7 in clause 7vii71 by striking and at the end1 7,b7 in clause 7viii71 by striking the period at the end and inserting 1 and1 and 7,c7 by adding at the end the following3 7ix7 the basis of any eligible property which is part of a qualifying workforce training project credit under section #dh;,f4 4 7#c7 ,section #ej7;a77#b77;,e7 of such ,code is amended by striking or #dh;,e7e7 and inserting #dh;,e7e71 or #dh;,f7b77#b74 7#d7 ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #dh;,e the following new item3 ,sec4 #dh;,f4 ,qualifying workforce training project credit4 4 7d7 ,authorization of appropriations ,there are authorized to be appropriated1 out of moneys in the ,treasury not otherwise appropriated1 such sums as may be necessary for the ,department of the ,treasury and the ,department of ,commerce to administer section #dh;,f of the ,internal ,revenue ,code of #aihf 7as added by this ,act74 7e7 ,effective date ,the amendments made by this section shall apply to property placed in service during any taxable year beginning after the date of enactment of this ,act4