The Tomorrow’s Workforce Coalition advocates for beneficial workforce development policy that would strengthen the economy now and into the future.
The Coalition supports the bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act(S. 722 / H.R. 1477), which would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and nongovernmental certifications; it would provide valuable tax-advantaged resources to more workers pursuing career growth, mid-career changes or alternative career pathways.
The Full Picture – Why Is This Important For Our Workforce and Economy?
What are 529 Savings Plans?
A 529 plan is a state-sponsored education savings vehicle that is exempt from federal taxes if funds are used to pay for qualified education expenses. These include college, graduate or professional degrees; programs from Title IV accredited institutions; registered apprenticeship programs; up to $10,000/year in K-12 tuition; and certain student loan repayments.
What ’s the Issue?
Training & credentials are ineligible for 529s. America’s workforce is comprised mostly of middle-skill jobs that require more than a high school education but not a bachelor’s degree, according to the National Skills Coalition. A differentiator amid the 21st century workforce economy is postsecondary credentialing—for workers with or without a college degree.
How Does the Freedom To Invest In Tomorrow’s Workforce Act Address the Problem?
The legislation would enable families to use 529 plans to help cover:
Credential program tuition, including prep courses;
Testing fees, including practice exams;
Required books and equipment;
Continuing education and credential renewal; and
Other charges required to obtain and maintain a credential.
The Freedom to Invest Act (S. 722 / H.R. 1477) would transform 529s from “college savings plans” to “career savings plans.”
Is There Congressional Support?
Senate Champions (S. 722) Sen. Amy Klobuchar (D-MN) Sen. Mike Braun (R-IN)
House Champions (H.R. 1477) Rep. Rob Wittman (R-VA) Rep. Abigail Spanberger (D-VA)
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