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 credit carryover and requirements for annual tax performance reporting.

Additionally, the bill introduces new reporting requirements for the college board, which must submit a report 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 tax preference performance statement, emphasizing the legislature's goal of enhancing workforce development and retaining businesses in Washington. The expiration date for this section is set for July 1, 2033.

Statutes affected:
Original Bill: 82.04.449