H.R.244 - Technology Retraining and Investment Now Act for the 21st Century

To amend the Internal Revenue Code of 1986 to allow a credit against income for certain education and training expenses, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Technology Retraining and Investment Now Act for the 21st Century as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to allow a credit against income for certain education and training expenses, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/05/07
 
 
 
 
 
 
 

Official Summary

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. In

Official Summary

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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