American lawmakers have introduced a new bill that could provide significant benefits to individuals in a vital profession.
In times when financial prudence is essential, the prospect of paying less in taxes, potentially saving thousands of dollars, is certainly a welcome change.
However, this proposed legislation, co-led by Rep. Pat Ryan, a Democratic U.S. representative from New York’s 18th congressional district, is designed to aid a specific group of workers.
In a statement released on March 27, Ryan emphasized: “They work long, hard hours with little support to make sure that people across the country have everything that they need for daily life.
“It’s no wonder that job retention rates in the industry are declining.”
Although this issue could be relevant to numerous sectors, Ryan is specifically addressing truck drivers, aptly naming the proposed legislation the Strengthening Supply Chains Through Truck Driver Incentives Act.
The American Trucking Association reported a shortage of 78,800 qualified drivers in 2022.
This bill proposes a refundable tax credit of up to $7,500 for truck drivers who clock in up to 1,900 hours annually, with an enhanced tax credit of $10,000 for new truck drivers and individuals in trucking apprenticeship programs.
Nevertheless, past attempts to pass similar bills have not been successful.
The proposed legislation also offers potential advantages to newcomers in the trucking industry.
Should the bill be enacted, new entrants in the trucking field who do not meet the 1,900-hour requirement could still qualify for a prorated tax discount, as long as they work fewer than 1,420 hours in the year, averaging at least 40 hours per week from the start of their careers.
Congressman Zachary Nunn, a Republican representative from Iowa, has also highlighted the critical need for a robust trucking workforce.
In the press statement, Nunn stated: “Right now, we’re facing a serious shortage of truck drivers, and it’s putting pressure on Iowa families and our nation’s supply chains.
“We are experiencing both a recruitment and a retention problem in the trucking industry. This is a simple fix to help get more drivers behind the wheel – improving our supply chain and bringing down costs for every Iowan.”
Whether the bill will be enacted and prove successful for truck drivers remains to be seen.