Bill To Give Tax Credits For Workforce TrainingA bill I authored was also heard in the Tax Committee on Thursday. HF 3564 will give tax credits for businesses who provide workforce training. Our employers are facing immense workforce challenges. The State Demographer has indicated the state is not expected to see any net growth in workforce over the next 15 years due to low birth rates and increasing retirements in the Baby Boom generation. Our old model of driving economic growth primarily through job creation is no longer going to work. Instead, economic growth will increasingly be dependent on raising productivity through innovation and workforce training. My bill will help spur investment in workforce training to attract employees and help them increase their skills and productivity by giving businesses a tax credit when they invest in training or up-skilling their employees. Businesses should design the training programs to meet their particular needs rather than the usual approach. The state has grants for training in broader skills that don’t necessarily meet the unique needs of individual businesses. Small and medium businesses also don’t usually have the time or staff to apply for these grants – my bill makes it possible for all businesses, regardless of size, to be able to access support for workforce training through the tax code, which is much more effective and efficient. The bill was "laid over for possible inclusion" in the final tax bill. |