Official Summary

1/5/2007--Introduced.Technology Retraining and Investment Now Act for the 21st Century - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the information and communications technology education and training program expenses of individuals and employees, up to $4,000

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Official Summary

1/5/2007--Introduced.
Technology Retraining and Investment Now Act for the 21st Century - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the information and communications technology education and training program expenses of individuals and employees, up to $4,000 in a taxable year. Increases the allowable amount of such credit to $5,000 for expenses for a program operated:
(1) in an empowerment zone, enterprise community, or renewal community;
(2) in a school district in which at least 50 percent of the students are eligible for free or reduced-cost lunches;
(3) in an federally-declared disaster area;
(4) in certain rural areas receiving federal assistance;
(5) in an Indian tribal jurisdiction;
(6) by an employer with 200 or fewer employees during a specified period; or
(7) for a disabled individual. Defines "information technology education and training program expenses" to include:
(1) course work;
(2) certification testing;
(3) apprenticeship programs registered by the Department of Labor; and
(4) other expenses essential to assessing skill acquisition. Redefines "eligible educational institution" to include a commercial information and communications technology training provider. Establishes an Information Technology Training Certification Advisory Board to develop:
(1) guidelines for computer science, information technology, and related college courses; and
(2) a list of the information technology training and certifications that qualify for the tax credit established by this Act.


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