The proposed bill establishes a new tax credit known as the "workforce education corporate income tax credit" for taxpayers who donate to public post-secondary educational institutions or school districts to support workforce education programs. This credit allows taxpayers to claim a tax credit equal to 75% of their donation, capped at $750,000 per taxpayer, for taxable years prior to January 1, 2029. The total amount of tax credits that can be certified in a calendar year is limited to $5 million, and taxpayers must apply for certification through the economic development department. If approved, the department will issue a certificate of eligibility detailing the credit amount and the taxable year in which it can be claimed.

Additionally, the bill allows for the transfer of the certificate of eligibility, enabling taxpayers to sell or exchange their credits. The legislation also mandates that the tax credit be included in the tax expenditure budget, ensuring transparency regarding its fiscal impact. The provisions of this act will apply to taxable years beginning on or after January 1, 2026.