Skilled Workforce Act

The Skilled Workforce Act adds a new tax credit to the Internal Revenue Code called the Qualifying Workforce Training Project Credit (section 48F). The credit is equal to 30% of the qualifying investment in eligible property for a qualifying workforce training project at an eligible institution. The goal is to spur investment in physical and digital training facilities and related resources to address shortages in high-demand, skilled-work sectors such as advanced manufacturing, advanced energy, construction, and transportation. Investments must be placed in service in tax years after enactment, and there are strict certification and program limits to guide which projects can receive the credit and how much total credit can be allocated. The bill also creates an administration framework for certifying eligible projects, establishes eligibility criteria for participating institutions, sets up a cap on credits (with a distinction between projects involving certain eligible institutions and those that do not), and provides mechanisms to monetize or transfer the credit (elective payment and transfer provisions). It includes anti-double-benefit rules, several conforming amendments to the tax code, and funding authorization for administering the program.