HB 517

This act is the Talent Readiness and Industry Needs (TRAIN) Act. This act: (1) establishes state income and financial institution excise tax credits, beginning January 1, 2027, and ending December 31, 2031, for employers that loan qualified career technical education (CTE) employees to teach at eligible educational institutions, equal to an employee's salary payments or donations to community development foundations that support a CTE program or an instructor's salary; (2) sets an aggregate $10 million annual limit on statewide credits, limits donation credits to $4 million annually, and limits individual taxpayer credits to $250,000 annually or not more than 50 percent of tax liability; (3) conditions employers receiving a tax credit on satisfying certain criteria, including employers and eligible educational institutions entering into memorandums of understanding containing specified terms and employers receiving a TRAIN Act credit reservation certificate from the Department of Education; (4) authorizes the Departments of Education, Revenue, and Workforce to adopt rules to administer and enforce this act; (5) requires the Department of Education to annually report to the Legislature information on this tax credit; and (6) establishes and provides a process to obtain a workforce teaching certificate from the Department of Education authorizing employees to teach designated career and technical education programs at eligible educational institutions.