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News from Seattle's Office of Economic Development

‘Fiscal Cliff Avoidance’ Bill Has Some Good News for Workforce Development

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Impact on Employer-Provided Educational Assistance:

The “Fiscal Cliff Avoidance” Bill (H.R. 8) enacted on January 1 permanently extends the expanded exclusion for employer-provided educational assistance. The exclusion allows employers to exclude up to $5,250 of employees’ wages per year for payment or reimbursement of tuition, fees, books, certain supplies, and equipment for job or non-job related undergraduate and graduate education as part of a “qualified educational assistance program.” This applies even if the education is provided by the employer (employees who receive this benefit can exclude up to $5,250 of those benefits from their taxable income).

 

Impact on the Farm Bill’s Employment and Training:

The deal also extends the Farm Bill, which authorizes the Supplemental Nutrition Assistance Program Employment & Training (SNAP E&T) program through the end of the fiscal year (formerly the “Food Stamps Employment & Training or FSET program). Funding will be provided at the 2012 level of $79 million. In Washington, SNAP E&T brought in $21 million in new federal funding in FFY 2006-’11 for Seattle Jobs Initiative and 30 other community agencies/colleges around the State.

 

Impact on Unemployment Resources:

H.R. 8 also extends unemployment insurance (UI) benefits through 2013. Without an extension, 2.2 million families would have lost access to UI benefits on January 1, 2013.

 

Impact for College Students:

The bill extends the American Opportunity Tax Credit for five years, which offers up to $10,000 in tax credit during the first four years of college.

In addition, it extends the expanded Coverdell Education Savings Accounts, which enable users to invest up to $2,000/child per year in certificates of deposit, stocks, bonds, or mutual funds. These funds then earn tax-free interest and can be used to pay for future education expenses, such as private-school tuition, computers, tutoring, and Internet education.

The expanded student loan interest deduction is also extended through the Fiscal Cliff Avoidance Bill. It can reduce the amount of your taxable income by up to $2,500. The bill passed January 1, 2013 permanently reinstates this deduction, which was standard until 1986 when the Tax Reform Act was passed.

 

Resources:

 

 

How to find and hire the best employees

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HOW TO FIND AND HIRE THE BEST EMPLOYEES
INC.
It’s no secret that great people build great companies, so it’s baffling that more companies don’t treat recruitment as the single most important department. Red Frog has treated it this way from day one with spectacular results: they currently hire just one out of every 750 applicants. Here’s how you can get the best employees.

AMBITIOUS NEW PROPOSAL CALLS FOR LINKING DOWNTOWN TO WATERFRONT
SEATTLE TIMES
A year after James Corner, the acclaimed designer of New York’s High Line project, began meeting with Seattle residents, he and his design team have reached some consensus with the Seattle Central Waterfront Committee, which is charged with delivering a strategic plan to Mayor Mike McGinn and the City Council. The public is invited to discuss plans to redesign the Seattle waterfront. The next forum is today from 5:30-7 p.m. at Town Hall.

CROWD DYNAMICS: WALK THIS WAY
THE ECONOMIST
For years urban planners have emphasised the needs of the motorist over those of the pedestrian. Thanks partly to greenery, partly to a greater understanding of how pedestrians behave, and partly to concerns about social cohesion, priorities are changing.

Designing begins on building project in Capitol Hill

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Designing begins on building project in Capitol Hill
A housing-theatre project near 12th and Pine is set to being its first steps towards the big stage.  After years of being pushed around intermittently, patience has finally paid off with a design proposal and review slated for October 19.
 
Business is booming but no one notices
These days, with the stock markets swinging like a hypnotist’s pendulum, no one seems to be noticing the numbers concerning company performances.  This article by Peter Cohan examines why you should break the spell.
 
Creating a perfect work team
When starting up, there is always difficulty in knowing whom to hire.  Entrepreneur gives some insight into what to look for in potential employees and how to hire compatible people given the advantageous employer job market.

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As a service to the Seattle business community, the Office of Economic Development curates a daily business news blast, Daily Digest. As a feature on Bottom Line, we’re posting a handful of stories from the Daily Digest every day.  Find the stories informative or helpful? Keep checking Bottom Line or sign up for Daily Digest to receive the full version in your inbox every day. Subscribe to the Daily Digest here.

Business services employer survey – please respond by Friday, 3/18

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We are conducting a short (12 question) survey regarding Professional & Business Services career pathways with area employers. According to the Bureau of Labor Statistics, the Professional & Business Services category consists of these three industry sectors:

a) Professional, Scientific, & Technical Services (NAICS 54),
b) Management of Companies & Enterprises (NAICS 55), and
c) Administrative & Support, and Waste Management & Remediation Services (NAICS 56).

Current labor market data in the greater Seattle & King County area project that these industries — and the careers in them — will grow significantly over the next 5-10 years. Since demand for the jobs in these sectors will be high, so will the need for trained workers. The highest projected growth is in jobs that require some college, but not necessarily a 4 year degree. This, along with continued high growth in technological tools on the job, point to a demand for community college training and education programs that better meet labor market need.

This survey is part of area workforce development organizations’ objectives to learn more about current and future business competency needs so that training is relevant and streamlined.

There are several current local workforce development projects focusing on the Professional & Business Services sectors. They include programs that prepare students for administrative support roles in general office positions within insurance, finance, information technology, health care, sales and marketing, accounting, and trade & logistics. The focus is on community-college short term certificates in office technologies training (which “roll up” into the first year of a 2 yr business degree) and more advanced certificates/AAS degrees in Business and the opportunity to specialize in:

A) Global Trade & Logistics
B) Supply Chain Management
C) International Business
D) Marketing/Sales
E) Supervision & Management
F) Project Management
G) Business Technology

This survey consists of 12 questions and will take no more than fifteen minutes to complete.

OED is partnering with the Seattle Community College District to make sure that job training courses fit employers’ needs and are streamlined for employees. Please take 10 – 15 minutes to fill out this 12 question survey about the current and future employee needs of your business.

Survey Monkey survey

Amazon.com on a hiring spree

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Amazon.com on a hiring spree   
Seattle Times
Amid a sluggish job market and shaky economic recovery, the world’s biggest Internet retailer is hiring like crazy at its headquarters complex. Amazon’s online job board lists about 1,900 openings in Seattle, at least twice as many as a year ago. Amazon’s expansion in and around South Lake Union is a surefire sign that the Internet giant has hit a major growth spurt.

Seven tax-saving tips for home-based businesses   
Inc.
One way to get your 2011 tax planning off to a good start is to hire a tax consultant, someone who can both map out the latest IRS changes and explain ways to help you prepare for them. In the meantime, however, here are some tax-saving tips that you can get started on.

Fred Meyer set to install electric vehicle charging stations   
Business Examiner
Fred Meyer plans to install ECOtality Blink Level 2 Electric Vehicle Commercial Pedestal Charging Stations at select stores in Washington and Oregon. ECOtality will begin installing the charging stations this summer.

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As a service to the Seattle business community, the Office of Economic Development curates a daily business news blast, Daily Digest. As a feature on Bottom Line, we’re posting a handful of stories from the Daily Digest every day.  Find the stories informative or helpful? Keep checking Bottom Line or sign up for Daily Digest to receive the full version in your inbox every day. Subscribe to the Daily Digest here.