LA SB383

Reduces the minimum operating time in Louisiana for businesses to qualify for the Incumbent Worker Training Program from three years to two years, with exemptions available from the Secretary of Louisiana Works

Establishes a new Flexible Workforce Fund within the Incumbent Worker Training Account, capped at 40% of appropriated funds, for sector-based training, regional workforce initiatives, and pilot projects addressing high-demand or shortage occupations

Expands the definition of "customized training" to include workforce challenges such as process improvements, new equipment, and technology adoption, with the administrator required to define the term through rulemaking

Adds work-based learning (apprenticeships and internships) as an authorized use of Incumbent Worker Training Account funds

Requires the administrator to adjust tax rate tables to ensure revenue neutrality between tax rate changes and IWTP assessment increases prior to January 1, 2027