Bill would give $4,000 tax credit to retrain workers who lost jobs in pandemic

File photo (Pixabay)
Published:

Members of both houses of Congress are introducing bipartisan bills to provide a tax credit of $4,000 to retrain workers who lost their jobs due to the coronavirus pandemic.

It would help those workers cover the costs associated with learning new jobs. It comes as 36 million Americans have filed for unemployment in the past two months.

The Skills Renewal Act would be available to any worker who lost their job due to the pandemic, according to a statement from Sen. Amy Klobuchar, D-Minn. It would cover training expenses through the end of 2021.

Advertisement - Story continues below

"The tax credit is fully refundable — which means it will be available to all workers, including low-income workers with no federal income tax liability," Klobuchar, one of the Senate bill's co-sponsors said.

The credit can be used to offset the cost of postsecondary programs. Training could be done through apprenticeships, stackable credentials, certificate programs, and two- and four-year programs. Online learning would also be counted.

Sens. Cory Booker, D-NJ, Amy Klobuchar, D-Minn, Ben Sasse, R-Neb., and Tim Scott, R-SC, are also sponsors in the Senate.

The companion bill in the House is being offered up by Reps. Susan Brooks, R-Ind., Derek Kilmer, D-Wash., Terri Swell, D-Ala., and Glenn Thompson, R-Pa.

“We know as a result of this devastating pandemic many in our workforce who lost their jobs are facing incredibly difficult financial burdens,” Brooks said in a statement. "The key to their future is giving them the necessary tools to find a new job."

Coronavirus: What you need to know

There are now 34,639 confirmed cases of COVID-19 in Ohio; 2,117 people have died from the virus and 6,264 were hospitalized, according to the Ohio Department of Health. Breakdown of Ohio cases by county >>

For most people, the virus causes mild or moderate symptoms that clear up in a couple of weeks. Older adults and people with existing health problems are at higher risk of more severe illness, including pneumonia, or death.

10TV is committed to bringing you a FACTS NOT FEAR approach to our coronavirus reporting. You can count on 10TV to give you the latest developments and the impacts on you and your family. For complete coverage, visit: 10TV.com/coronavirus.

Filed under: