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 amends RCW 82.04.449 to allow a tax credit equal to 50% of a participant's payments to the employment training finance account, with provisions for repayment if program requirements are not met. The bill also updates the reporting requirements for the college board, shifting the focus from specific metrics about industries and employee outcomes to the distribution of credit eligibility and training institutions by county, as well as efforts to encourage broader participation in the program.

Additionally, the bill includes a performance statement that outlines the legislature's intent to support customized workforce development and skill training, with a specific public policy objective to retain and expand existing businesses in Washington. It establishes a review process to evaluate the program's effectiveness, stipulating that if 75% of participating businesses complete the training and repay their loans, the legislature intends to further extend the tax preference's expiration date. The section detailing the tax credit will expire on July 1, 2033.

Statutes affected:
Original Bill: 82.04.449
Bill as Passed Legislature: 82.04.449
Session Law: 82.04.449