Arlington, Va. -- Career Education Colleges and Universities (CECU) today announced their support for the Upskilling and Retraining Assistance Act. The bipartisan legislation would expand educational assistance programs to help ensure employers have the necessary tools to hire and retrain their workers.
The bill would also serve to increase the amount of tax-free educational assistance that employees in workforce development programs can receive from their employers and would also cover tools and technology required for educational purposes.
Many businesses offer educational opportunities to their employees but are restricted by the current maximum tax exclusion of $5,250 under section 127 of the Internal Revenue Code. As members of The Section 127 Coalition, CECU is dedicated to working across party lines to support the expansion of this outdated and insufficient figure, which is currently far below the cost of most higher education programs. The Upskilling and Retraining Assistance Act would update the tax code by enacting an emergency expansion of the tax exclusion for the next two years.
“The bipartisan Upskilling and Retraining Assistance Act is an opportunity to reinvest in our nation’s growing workforce, support business owners, and remove barriers to education for both employers and employees,” said CECU President and CEO Dr. Jason Altmire, “CECU fully supports this long-overdue expansion of Section 127 that will help recruit and retain qualified workers and benefit students and businesses across the nation.”
Career Education Colleges and Universities on 5/25/21 announced its official membership in The Section 127 Coalition to Preserve Employer Provided Education Assistance.
The Section 127 Coalition is a broad coalition of business, labor, and education organizations dedicated to expanding and strengthening Section 127 of the Internal Revenue Code, which allows employers to offer education assistance to employees as a benefit on a tax-free basis.
Learn more here.
Please direct media inquiries to Rachel Tripp, Director of Communications, at Rachel.Tripp@career.org
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