Contact: Lindsey Ross, Senior Press Secretary
STATEHOUSE (Jan. 24, 2019) – A bill authored by State Sen. Jeff Raatz (R-Richmond) to create a tax credit for those who contribute to an Industry Credentialing Organization (ICO), a nonprofit that funds work-based learning for students, recently passed the Senate Committee on Education and Career Development by a vote of 9 to 1.
Senate Bill 420 would create an ICO and allow those who donate to receive a tax credit equal to 50 percent of their contribution. All expenditures by an ICO would have to go toward student credentialing.
“Right now, there are many high-paying jobs available in our workforce that require only a certification, not a college degree, and employers are struggling to find employees with the necessary skills to fill the positions,” Raatz said. “By creating an ICO and rewarding those who participate, Indiana could gain millions of dollars in private investment to fund apprenticeships, internships, graduation pathways and career coaching for students, leading them on a path to obtain a successful career.”
Under the bill, any ICOs created would require an annual audit by a certified public accountant. Additionally, any program or organization using ICO funds would be required to report to the Indiana Department of Education and Indiana Department of Workforce Development.
SB 420 will now move to the Senate Committee on Tax and Fiscal Policy.
For a high-resolution photo of Sen. Raatz, click here.