August 17, 5:27 pm
Tax Free ‘Training’ may soon be permanent
For several decades, employers have been able to take a tax deduction for the money they spend in employee education reimbursement programs. This would be for classes employees take in work-related undergraduate and master’s degree studies.
Problem: This tax break was created all those years ago as a temporary measure. It has been extended many times, but has been at risk of being eliminated because it was never made permanent.
That may be about to change.
According to an article published by the Society for Human Resource Management, US Representatives Sander Levin (D-MI) and Phil English (R-PA) have co-authored a bill that would make these tax breaks permanent.
This only makes sense. After all, an educated workforce is in the best interest of the country. Additionally, I can’t think of too many employers who want uneducated employees.
Increased critical thinking skills, teamwork, and meeting goals under deadlines are just a few of the side benefits accompanying a college class experience.
Additionally, formal education is an important way to get exposed to new ideas—leading to better insights and ‘bigger pictures’ when solving problems.
According to the SHRM article, the bill has at least 36 co-sponsors and is “widely supported by a diverse coalition of higher education organizations, labor groups, and business interests.”
If you’re interested in contacting your representative and encouraging him/her to support the bill, its number is H.R. 3418.
Filed in Business, Training, Workplace, Corporate Culture, Retention
The way technology is moving we have to have a workforce that continues to learn - even if just to keep up - let alone compete in the world marketplace. Education should be deductible without question.