House Ways and Means Hearing Focuses on Expanding 529 Accounts

ASAE and the Tomorrow’s Workforce Coalition submitted written comments for a House Ways and Means Committee hearing held earlier today to examine “Educational Freedom and Opportunity for American Families, Students, and Workers.”

The Tomorrow’s Workforce Coalition, which includes more than 725 trade groups, professional societies and companies, has urged Congressional tax-writing committee leaders to back the Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477), a bill that would expand 529 education savings plans to cover costs for obtaining or maintaining postsecondary credentials.

House Ways and Means Committee Chairman Jason Smith (R-MO) acknowledged in his opening statement at the hearing today that 529 accounts “have a successful track record,” and said Congress “should be listening to parents and helping reduce the financial barriers blocking them from taking full charge of their children’s education.”

In its written comments, the Tomorrow’s Workforce Coalition said H.R. 1477 would “provide valuable tax-advantaged resources for students and workers – with or without a college degree – who pursue career growth, mid-career changes or career pathways that diverge from a typical academic degree.”

“The Freedom to Invest in Tomorrow’s Workforce Act is straightforward, bipartisan and would support working families by shifting the 529 paradigm from ‘college savings plans’ to ‘career savings plans,’” the coalition said.

The Freedom to Invest in Tomorrow’s Workforce Act is led by Reps. Rob Wittman (R-VA) and Abigail Spanberger (D-VA) in the House of Representatives and Sens. Amy Klobuchar (D-MN) and Mike Braun (R-IN) in the Senate. The Tomorrow’s Workforce Coalition is led by ASAE and the Professional Certification Coalition (PCC).