This week, the Freedom to Invest in Tomorrow’s Workforce Act, H.R. 1151, was reintroduced in the House of Representatives.
This legislation would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing. It would provide valuable tax-advantaged resources to more workers pursuing career growth, mid-career changes or alternative career pathways.
"The bill's approval would turn college savings plans into career savings plans," said OSAP President & CEO Jarrod A. Clabaugh, CAE, who has been part of ASAE's coalition advocating for its passage. "We have spoken to leaders on both sides of the aisle to make them realize the value of such a change, and we hope it happens under the 119th Congress."
The bill was introduced by long-time champion Rep. Rob Wittman (R-VA); it has five Republican and five Democratic original cosponsors, continuing the bill’s tradition of bipartisanship.
In addition to all of ASAE’s current efforts related to protecting tax-exempt organizations through the Community Impact Coalition, the Freedom to Invest in Tomorrow’s Workforce Act will strengthen the nation’s workforce for years to come through commonsense tax policy.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.