The BEST Act gives employers a tax break for training their workers. Specifically, if a company spends money teaching entry-level employees (people without a four-year college degree) practical job skills, they can get back 30% of what they spent as a tax credit. This means if a company invests $10,000 in training programs, they can reduce their employment taxes by $3,000. The training has to be in skills that are recognized and valued by government agencies or private industry organizations—so it needs to be legitimate, job-relevant training, not just any course. This policy is designed to encourage employers to invest in developing their workforce by making it financially rewarding to do so. Workers benefit because they get better training and skills, and employers benefit because they save money on taxes while building a more skilled team.

BEST Act

Hinson, Ashley

Bettering Employee Skills and Talents Act or the BEST Act This bill allows a new tax credit against employment taxes for 30% of qualified workforce training expenses paid by an employer. The bill defines qualified workforce training expenses as amounts paid by an employer to provide entry-level employees without a bachelor's degree with skills training recognized by governmental and private organizations.