Training Act of 1983

Summary

Training Act of 1983 - Amends the Internal Revenue Code to allow employers and individual taxpayers an income tax deduction for contributions to training accounts established to provide employment training. Limits the amount of such deduction to $1,000 for a taxable year. Imposes a $6,000 ceiling on the total amount of contributions to an individual or employer training account. Excludes from gross income any amounts paid from a training account if such amounts are used to obtain training or cover relocation or job-search expenses. Exempts an individual or employer training account from taxation. Imposes a ten percent penalty on any amounts distributed from a training account which are not used for job training. Sets forth rules for the disposition of training account funds upon the death, retirement, or separation of an employee. Requires the trustee of a training account to make reports on the maintenance of such account. Imposes a penalty for failure to file required reports. Requires the Secretary of Labor to certify any training activities funded by distributions from a training account.

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1 official file

• Introduced in Senate

  summary · EN · 20 March 1985

  Open at official source

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