LEAP Act

Leveraging and Energizing America's Apprenticeship Programs Act or the LEAP Act

This bill allows employers a tax credit for each of their employees who participate in qualified apprenticeship programs. The credit is equal to $1,500 for each of the apprenticeship employees of the employer that exceeds a specified apprenticeship level determined by this bill.

As an offset, the bill requires the Director of the Office of Management and Budget to coordinate with federal departments and independent agencies to devise a strategy to reduce government printing costs over the 10-year period beginning with FY2023.

The LEAP Act, also known as Bill 118 hr 1536, is a piece of legislation introduced in the US Congress. The purpose of this bill is to address the issue of student loan debt by allowing employers to contribute up to $5,250 annually towards their employees' student loans, tax-free. This contribution would be considered a tax-free benefit for both the employer and the employee.

The bill aims to provide relief to individuals burdened by student loan debt, while also incentivizing employers to attract and retain talent by offering this benefit. By allowing employers to contribute towards their employees' student loans tax-free, the bill seeks to alleviate the financial strain that many individuals face after graduating from college.

Supporters of the LEAP Act argue that it will help stimulate the economy by freeing up disposable income for individuals to spend on other goods and services. Additionally, they believe that it will encourage more individuals to pursue higher education without the fear of overwhelming debt. Opponents of the bill may argue that it could potentially benefit higher-income individuals more than those with lower incomes, as they are more likely to have access to jobs that offer student loan repayment benefits. They may also raise concerns about the potential cost to the government in lost tax revenue from the tax-free contributions. Overall, the LEAP Act aims to address the growing issue of student loan debt in the United States by providing a tax-free benefit for employers to contribute towards their employees' student loans. It is currently being debated in Congress, with supporters and opponents voicing their opinions on the potential impact of the bill.