Rewarding the TEAM Act

To amend the Internal Revenue Code of 1986 to allow a credit against tax for manufacturing job training expenses. 1. Short title This Act may be cited as the Rewarding the Training of Employees for American Manufacturing Act of 2014 Rewarding the TEAM Act 2. Manufacturing job training tax credit (a) In general Subpart D of part IV of subchapter A of chapter 1 45S. Manufacturing job training credit (a) In general For the purposes of section 38, the manufacturing job training credit determined under this section for the taxable year is an amount equal to 14 percent of so much of the manufacturing training expenses paid or incurred by a qualified manufacturing employer during the taxable year as exceeds 50 percent of the average manufacturing training expenses for the 3 taxable years preceding the taxable year for which the credit is determined. (b) Definitions For purposes of this section— (1) Manufacturing training expenses (A) In general The term manufacturing training expenses (B) Eligible employee The term eligible employee (2) Qualifying manufacturing employer The term qualified manufacturing employer (A) which employs individuals in a trade or business in manufacturing, (B) the manufacturing facilities of which are located in the United States, and (C) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System. (c) Special rules (1) Rule in case of no manufacturing training expenses in any of 3 preceding taxable years (A) Taxpayers to which paragraph applies The credit under this section shall be determined under this paragraph if the taxpayer has no manufacturing training expenses in any one of the 3 taxable years preceding the taxable year for which the credit is being determined. (B) Credit rate The credit determined under this paragraph shall be equal to 6 percent of the manufacturing training expenses for the taxable year. (2) Denial of double benefit No deduction shall be allowed under this chapter for the portion of the expenses otherwise allowable as a deduction that are taken into account in determining the credit under this section for the taxable year. (3) Aggregation For purposes of this section, all persons treated as a single employer under subsection (a) or (b) or section 52, or subsection (m) or (o) of section 414, shall be treated as one person. (d) Election To have credit not apply A taxpayer may elect to have this section not apply for any taxable year. . (b) Credit To be part of general business credit Subsection (b) of section 38 plus , plus (37) the manufacturing job training credit determined under section 45S(a). . (c) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 45S. Manufacturing job training credit. . (d) Effective date The amendments made by this section shall apply to expenses paid or incurred after the date of the enactment of this Act, in taxable years ending after such date.

Summary: Rewarding the Training of Employees for American Manufacturing Act of 2014 or the Rewarding the TEAM Act - Amends the Internal Revenue Code to allow manufacturing employers located in the United States a business-related tax credit for the manufacturing training expenses of their employees. Includes within the definition of "manufacturing training expenses" related course work, certification testing, and essential skill acquisition.