3.0.0 2648 2023-01-11T13:39:43Z 2023-01-11T13:39:43Z Senate S 2018-04-11 115 ssfi00 Finance Committee Senate Standing Referred to 2018-04-11T17:33:45Z Employer Participation in Student Loan Assistance Act 115 795 HR 2017-02-01 Referred to the House Committee on Ways and Means. Related bill CRS Employer Participation in Repayment Act of 2017 115 796 S 2017-03-30 Read twice and referred to the Committee on Finance. Related bill CRS 2018-04-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-04-11 Introduced in Senate IntroReferral 10000 9 Library of Congress N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM N Taxation Taxation 00 2018-04-11 Introduced in Senate 2018-12-20T16:04:43Z Economic Modernization Act

This bill amends the Internal Revenue Code to allow additional tax credits and deductions to assist employees who work in declining or short-supply fields.

A "declining field" has experienced a decline in the level of average employment of at least 8% over the most recent 3-year period.

A "short-supply" field: (1) requires theoretical and practical application of a body of highly specialized knowledge and certain degrees or experience in the specialty; and (2) has an insufficient number of U.S. citizens or residents who are qualified, willing, and able to satisfy the demand for labor in the occupation or field of work.

For employers, the bill allows an economic transition tax credit for payroll taxes paid over a three-year period with respect to employees who previously worked in a declining field.

For individuals employed in short-supply fields, the bill:

  • increases the limit for the exclusion from gross income for employer-provided educational assistance programs and expands the exclusion to include payments of education loans,
  • increases the limit for the deduction for interest on education loans, and
  • increases the limit for the deduction for qualified tuition and related expenses.

The bill also allows a deduction for companies that rehabilitate certain abandoned buildings. The deduction is equal to a portion of the income attributable to the rehabilitated building and may not exceed 50% of the wages paid by the company.

]]> Economic Modernization Act Display Title Economic Modernization Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to encourage employers to hire individuals working in dying industries or occupations made obsolete by technology, and for other purposes. Introduced in Senate IS Short Titles as Introduced Economic Modernization Act Introduced in Senate 2018-04-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2648is/xml/BILLS-115s2648is.xml 2018-04-11 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.