In a recent meeting of the House Finance Committee, discussions centered on the Washington Customized Employment Workforce Training Program, which aims to bolster workforce development through financial support for businesses. This program, administered by the State Board for Community and Technical Colleges (SBCTC), provides interest-free training allowances or loans to businesses that engage in customized training agreements with local colleges.

The program is designed to enhance employee skills through various forms of training, including basic education, technical skills, and job-related instruction. Notably, it prioritizes businesses with fewer than 50 employees and emphasizes training that equips workers with transferable skills applicable across different jobs and industries. Businesses participating in the program are required to repay a portion of the training costs, with a 25% repayment due immediately after training completion and the remaining 75% spread over the following 18 months.

A significant aspect of the meeting was the proposal to extend the Business and Occupation (B&O) tax credit for participating businesses until July 1, 2031. This extension aims to encourage more businesses to utilize the program, which is seen as vital for retaining and expanding existing businesses in Washington. The SBCTC is also tasked with submitting a report by December 31, 2028, detailing the program's impact, including the distribution of credit eligibility and the variety of industries participating.

Financial implications of the proposed extension were discussed, with the Department of Revenue (DUR) estimating a revenue decrease of $66,000 in fiscal year 2027 and a total decrease of $140,000 for the 2027-2029 biennium. Additionally, expenditures related to the program's administration are projected to be around $35,000 in fiscal year 2026 for system updates and $25,000 in fiscal year 2027 for taxpayer assistance.

The meeting concluded without questions from committee members, indicating a general consensus on the importance of the program and its potential benefits for Washington's workforce development. As the legislature moves forward, the focus will remain on ensuring that the program effectively supports businesses and enhances job training opportunities across the state.