Big Developments for ASAE’s Workforce Development Efforts

November 22, 2023

The Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1477/S. 722) is gaining significant traction in Congress. The bill now has 89 bipartisan cosponsors in the House of Representatives and 11 in the Senate. H.R. 1477 was introduced in March with zero cosponsors.

In October, the House Committee on Ways & Means, which holds jurisdiction over H.R. 1477, hosted a hearing to examine education and workforce policies. A member of ASAE’s Tomorrow’s Workforce Coalition (TWC) testified during the hearing. Read ASAE’s comments for the hearing record. The TWC continues to grow – 756 member organizations belong to the group.

ASAE and its partner, the Professional Certification Coalition, created the TWC with the goal to help build support for the Freedom to Invest in Tomorrow’s Workforce Act. The TWC works to shift the 529 paradigm from “college savings plans” to “career savings plans.” We encourage any organization – and not only associations – to join the effort.

The bipartisan legislation would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and professional certifications. The bill would provide valuable tax-advantaged resources for families, students and workers—with or without a college degree—who pursue career growth, mid-career changes or pathways that diverge from a typical academic route.

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