Reed, Sanchez Introduce LEAP Act
Congressman Tom Reed (R-NY) and Congresswoman Linda Sanchez (D-CA) are set to re-introduce the Leveraging and Energizing America’s Apprentice Programs, or LEAP Act. The bill is designed to increase apprenticeships through a new federal tax credit for employers.
“We must work to help individuals get the training they need for the jobs of today and tomorrow. This tax credit will serve to increase apprenticeships and get people the skills they need for good-paying jobs,” Reed stated.
Currently, there are 9 million unemployed Americans, yet 5 million jobs remain unfilled as many companies struggle to find qualified workers to fill available jobs. Expanding apprenticeships is a common sense solution to enhance employment opportunities in in-demand career fields such as manufacturing, healthcare, information technology, and skilled trades.
“I'm pleased to once again introduce the LEAP Act with Rep. Tom Reed. For many years, we have worked to pass this legislation which would create an incentive for America’s small businesses to hire apprentices. In today’s global economy, it is important to expand the pathways to success. This important legislation will enable young people in apprenticeship programs nationwide to benefit from secure, good-paying jobs.”
Registered apprenticeship programs are an efficient way to ensure the needs of employers are matched with employee skills. Together, the U.S. Department of Labor Office of Apprenticeship and state apprenticeship agencies establish a set of standards necessary for completion and administer the programs nationwide.
Key components of the LEAP Act include:
- Offering a federal tax credit for hiring new apprentices that are registered with the U.S. Department of Labor or a state apprenticeship agency.
- Offering a tax credit of $1,500 for apprentices under 25.
- Offering a tax credit of $1,00 for apprentices over 25.
There are roughly 25 employers in New York’s 23rd District who have registered apprenticeship programs with the U.S. Department of Labor who would be eligible for the tax credit.