Bipartisan Lawmakers Unveil Tax Credit Bill for AI Workforce Training
Boosted.ai CEO and co-founder Josh Pantony joins ‘Mornings with Maria’ to discuss fears of AI-driven market disruption, the impact on white-collar jobs, and whether artificial intelligence can truly predict the stock market.
In a significant bipartisan effort, House members introduced legislation on Wednesday aimed at encouraging companies to train their employees in the use of artificial intelligence.
Rep. Josh Gottheimer (D-N.J.) and Rep. Mike Lawler (R-N.Y.) are the driving forces behind the AI Workforce Training Act. If enacted, this legislation would provide a tax credit for companies that invest in AI training for their workforce.
“If quantum computing and AI are the future, our workforce can’t be left behind. This workforce tax credit gives them the training they need to compete for the high-paying tech jobs of tomorrow, right here at home,” Lawler stated.
The proposed bill allows companies to claim a tax credit equal to 30% of qualified expenses, capped at $2,500 per employee annually, for costs associated with teaching employees how to use, manage, and develop AI systems.
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Rep. Mike Lawler leaves a meeting of the House Republican Conference in the U.S. Capitol on Wednesday. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
The legislation also mandates that the Departments of Treasury, Labor, and Commerce initiate a public outreach campaign to inform businesses about the available tax credit.
“AI is already changing how we work, and that transformation will keep getting faster. We can’t let the American worker get left behind,” Gottheimer emphasized. “Change is coming, and if we want America to continue to lead the world in AI innovation, we need to ensure American workers are prepared for the jobs of the future.”
This legislative initiative arrives as Congress members continue to deliberate on how best to address the rapid advancements in AI technology.
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Rep. Josh Gottheimer is pushing for Congress to address AI. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Sen. Elizabeth Warren (D-Mass.) expressed her concerns regarding potential job losses due to AI advancements.
“I am deeply concerned about AI and what it will mean when people go out for lunch and return to find their jobs gone. This could happen to millions,” Warren remarked. “Now is the time for us to prepare.”
Sen. Elizabeth Warren, D-Mass., expresses concerns about AI costing jobs. (Michael A. McCoy/Getty Images)
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Warren also highlighted the potential impact of large-scale job displacement on the middle class. “We lost over 100,000 manufacturing jobs last year. If AI exacerbates this issue and wipes out incomes for millions of families, we could face a full-blown crisis in this country. If we know bad weather is coming, now is the time to prepare,” she warned.
Read the full legislation below (App users click here)
Boosted.ai CEO and co-founder Josh Pantony joins ‘Mornings with Maria’ to discuss fears of AI-driven market disruption, the impact on white-collar jobs, and whether artificial intelligence can truly predict the stock market.
In a significant bipartisan effort, House members introduced legislation on Wednesday aimed at encouraging companies to train their employees in the use of artificial intelligence.
Rep. Josh Gottheimer (D-N.J.) and Rep. Mike Lawler (R-N.Y.) are the driving forces behind the AI Workforce Training Act. If enacted, this legislation would provide a tax credit for companies that invest in AI training for their workforce.
“If quantum computing and AI are the future, our workforce can’t be left behind. This workforce tax credit gives them the training they need to compete for the high-paying tech jobs of tomorrow, right here at home,” Lawler stated.
The proposed bill allows companies to claim a tax credit equal to 30% of qualified expenses, capped at $2,500 per employee annually, for costs associated with teaching employees how to use, manage, and develop AI systems.
AI OUT OF CONTROL? HOW A SINGLE ARTICLE IS SENDING SHOCK WAVES WITH AN APOCALYPTIC WARNING
Rep. Mike Lawler leaves a meeting of the House Republican Conference in the U.S. Capitol on Wednesday. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
The legislation also mandates that the Departments of Treasury, Labor, and Commerce initiate a public outreach campaign to inform businesses about the available tax credit.
“AI is already changing how we work, and that transformation will keep getting faster. We can’t let the American worker get left behind,” Gottheimer emphasized. “Change is coming, and if we want America to continue to lead the world in AI innovation, we need to ensure American workers are prepared for the jobs of the future.”
This legislative initiative arrives as Congress members continue to deliberate on how best to address the rapid advancements in AI technology.
SANDERS SAYS ‘SCIENCE-FICTION FEAR’ OF AI RUNNING THE WORLD ‘NOT QUITE SO OUTRAGEOUS’
Rep. Josh Gottheimer is pushing for Congress to address AI. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Sen. Elizabeth Warren (D-Mass.) expressed her concerns regarding potential job losses due to AI advancements.
“I am deeply concerned about AI and what it will mean when people go out for lunch and return to find their jobs gone. This could happen to millions,” Warren remarked. “Now is the time for us to prepare.”
Sen. Elizabeth Warren, D-Mass., expresses concerns about AI costing jobs. (Michael A. McCoy/Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Warren also highlighted the potential impact of large-scale job displacement on the middle class. “We lost over 100,000 manufacturing jobs last year. If AI exacerbates this issue and wipes out incomes for millions of families, we could face a full-blown crisis in this country. If we know bad weather is coming, now is the time to prepare,” she warned.
