S. 5055 — National Workforce Transition Fund Act of 2026

This section replaces title III of the Workforce Innovation and Opportunity Act with a new title that establishes a National Workforce Transition Fund to assist workers, employers, and workforce systems with labor market transitions caused by artificial intelligence and emerging technology. It creates a National Workforce Transition Board, headed by the Secretary of Labor in consultation with the Secretaries of Education and Commerce and including equal representation from business, labor, and government, to develop annual national workforce impact assessments and strategies.

This section expands bonus depreciation eligibility under section 168(k) to property used in AI data centers, defined as permanent or semipermanent structures dedicated to IT and network equipment (including at least one graphics processing unit) where at least 20 percent of the space supports AI development or operation. It applies leased property depreciation rules to such centers and transfers the resulting revenue increase to the National Workforce Transition Fund for five years after enactment.

This section terminates the authority for bonus depreciation 5 years after the date of enactment. It also terminates the authority for workforce development activities under the Act (other than section 3) and the amendments made by section 2 on the same date.