President Obama is set to propose a $2.5 billion tax credit for businesses that invest in local community colleges and their graduates.

The Community College Partnership Tax Credit, which will be part of the president's fiscal 2017 budget plan unveiled Tuesday, would require businesses to donate funds for equipment, instruction or internships related to programs at local community colleges in areas such as healthcare, energy and information technology.

The $2.5 billion tax credit would be given over five years.

"Employers can define those skills and help colleges develop the curriculum that teaches them," James Kvaal, White House deputy director of domestic policy, told Reuters.

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