The bill aims to extend the expiration date of the Washington customized employment training program tax credit to July 1, 2031, recognizing the program's positive impact on businesses and workers. It highlights that 75 percent of participating businesses have successfully completed the customized training and repaid the training allowance, which meets the performance threshold set by the legislature. The bill amends RCW 82.04.449 to allow a tax credit equal to 50 percent of a participant's payments to the employment training finance account, with provisions for carrying over credits to subsequent years. The expiration date for repayment of training allowances is also extended from July 1, 2026, to July 1, 2031.

Additionally, the bill mandates a report from the college board by December 31, 2028, detailing the distribution of credit eligibility and qualified training institutions by county, as well as efforts to encourage broader industry participation. The section also includes a performance statement for the tax preference, emphasizing the goal of enhancing workforce development and retaining businesses in Washington. If a review finds that 75 percent of businesses complete the training and repay the loan, the legislature intends to further extend the expiration date of the tax preference, which is set to expire on July 1, 2033.

Statutes affected:
Original Bill: 82.04.449