Upskilling and Retraining Assistance Act

This bill temporarily increases the tax exclusion for employer-provided educational assistance from $5,250 to $12,000 per year for 2024-2025. It directly affects employees in skilled trades, healthcare, and other professions who receive employer-funded training, by expanding qualifying expenses to include tools like computer equipment, software, internet access, VR learning tools, and licensure fees. Key provisions allow employees to keep required training tools after completing courses and define "education-related tools" broadly to cover equipment needed for certification, advancement, or maintaining professional licenses. The changes apply to expenses incurred after the bill's enactment date.