New Collar Jobs Act of 2017
A BILL
To increase cybersecurity education and job growth, and for other purposes.
Sec. 2 Findings
Sec. 3 Employee cybersecurity education
“45S. Employee cybersecurity education
“(a) In general—For purposes of section 38, the employee cybersecurity education credit determined under this section for the taxable year is an amount equal to 50 percent of the aggregate qualified employee cybersecurity education expenses paid or incurred by the employer during such taxable year.
“(b) Limitation—The amount allowed as a credit under subsection (a) for the taxable year with respect to an employee shall not exceed $5,000.
“(c) Qualified employee cybersecurity education expenses—For purposes of this section, the term qualified employee cybersecurity education expenses means amounts paid or incurred for each employee who earns a certificate or degree at the undergraduate or graduate level or industry-recognized certification relating to those specialty areas and work roles that are listed in NCWF Work Roles in the document entitled, “NICE Cybersecurity Workforce Framework (NCWF)”, published by the National Initiative for Cybersecurity Education (NICE) of the National Institute of Standards and Technology.
“(d) Certain rules To apply—Rules similar to the rules of subsections (i)(1) and (k) of section 51 shall apply for purposes of this section.”
“(37) the employee cybersecurity education credit determined under section 45S(a).”
Sec. 4 Student loan repayment for certain cybersecurity employees
“(r) Loan repayment for cybersecurity workers in economically distressed area
“(1) In general—The Secretary shall cancel the amount described in paragraph (2) of the balance of interest and principal due, in accordance with such paragraph, on any eligible Federal Direct Loan not in default for a borrower who—
“(A) makes 36 consecutive monthly payments on the eligible Federal Direct Loan after the date of the enactment of this section pursuant to any one or a combination of the following—
“(i) payments under an income-based repayment plan under section 493C;
“(ii) payments under a standard repayment plan under subsection (d)(1)(A), based on a 10-year repayment period;
“(iii) monthly payments under a repayment plan under subsection (d)(1) or (g) of not less than the monthly amount calculated under subsection (d)(1)(A), based on a 10-year repayment period; or
“(iv) payments under an income contingent repayment plan under subsection (d)(1)(D); and
“(B) during the period in which the borrower makes each of the 36 consecutive monthly payments described in subparagraph (A), has been employed in a cybersecurity job—
“(i) located in an area that, for at least 12 of such consecutive monthly payments is an economically distressed area; and
“(ii) that requires that the borrower work in the economically distressed area no less than 60 percent of total work hours.
“(2) Cancellation amount—After the conclusion of the employment period described in paragraph (1), the Secretary shall cancel the lesser of the following:
“(A) The obligation to repay the balance of principal and interest due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part.
“(B) $25,000.
“(3) Ineligibility of double benefits—No borrower may, for the same service, receive a reduction of loan obligations under both this subsection and—
“(A) subsection (m); or
“(B) section 428J, 428K, 428L, or 460.
“(4) Definitions—In this section:
“(A) Cybersecurity job—The term cybersecurity job means—
“(i) a skill role as defined in the NCWF Work Roles by the National Initiative for Cybersecurity Education (NICE) Cybersecurity Workforce Framework (NCWF) of the National Institute of Standards and Technology, Special Publication 800–181, or any successor document; or
“(ii) teaching a cybersecurity course for a skill role described in clause (i).
“(B) Economically distressed area—The term economically distressed area means an area that meets one or more criteria under section 301(a) of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3161(a)).”