Senate Democrats Pass Job Retention Bill
RICHMOND- Today, Senate Democrats scored another victory in their mission to save and create jobs for Virginia workers with the passage of a bill focused on job training.
Senate Bill 1473 establishes job retraining accounts and tax credits through the Department of Business Assistance passed on the Senate floor today with unanimous support.
The jobs retraining account bill is part of the nine-point Jobs Now! Plan created by Senate Democrats. The comprehensive legislative package also includes bills to provide assistance to existing Virginia-based businesses to save and/or create jobs and ensure the state's businesses remain competitive.
Under the measure, individuals can open can open a Department-administered trust or savings account that would be used for expenses related to job retraining. Employers would be authorized to make matching contributions to the account and would be eligible for a tax deduction for the contributions to the extent that the contribution was included in the employer's federal taxable income.
The bill's patron, Sen. Louise Lucas (D-Portsmouth) said the measure will help to businesses stronger relationships with their employees.
"As someone who has been in the role of business owner and an employee, I can relationships and education play an important role in job creation and retention," she said. "The purpose of this legislation is to forge strong partnerships between employees and employers to finance worker education and training opportunities as a means of increasing enhancing recruitment and retention and adjusting to an ever-changing economy."
Several other bills included in the Jobs Now! legislative package recently passed in the Senate.