American Workforce Development Act

American Workforce Development Act

This bill increases to $11,500 the exclusion from employee gross income of employer-provided educational assistance.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3916 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 3916

 To amend the Internal Revenue Code of 1986 to increase the exclusion 
                  for educational assistance programs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 8, 2020

 Mrs. Loeffler introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the exclusion 
                  for educational assistance programs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Workforce Development 
Act''.

SEC. 2. INCREASE IN EXCLUSION FOR EDUCATIONAL ASSISTANCE PROGRAMS.

    (a) In General.--Paragraph (2) of section 127(a) of the Internal 
Revenue Code of 1986 is amended by striking ``$5,250'' each place it 
appears in the text and the heading and inserting ``$11,500''.
    (b) Inflation Adjustment.--Section 127(c) of such Code is amended 
by adding at the end the following new paragraph:
            ``(8) Inflation adjustment.--
                    ``(A) In general.--In the case of any calendar year 
                after 2019, each dollar amount in subsection (a)(2) 
                shall be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which such taxable year begins 
                        by substituting `calendar year 2017' for 
                        `calendar year 2016' in subparagraph (A)(ii) 
                        thereof.
                    ``(B) Rounding.--If any increase determined under 
                subparagraph (A) is not a multiple of $50, such 
                increase shall be rounded to the next lowest multiple 
                of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.
                                 <all>