The legislation would expand qualified tax-exempt expenses to include postsecondary training and credentialing programs.
09/18/2023 11:30 P.M.
1 minute read
ACA International joined the Tomorrow’s Workforce Coalition along with 600 other associations, nonprofits and businesses to help pass beneficial, bipartisan workforce development legislation: The Freedom to Invest in Tomorrow’s Workforce Act (PDF) (S. 722 / H.R. 1477).
The coalition is delivering its sign-on letter (PDF) next week and there is still time for organizations to join the cause and help Congressional leadership and staff notice the appeal.
The legislation would expand qualified expenses under 529 plans to include postsecondary skills training and credentialing programs, such as licenses and nongovernmental certifications. It would also 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.
ACA’s support of the legislation aligns with the fundamental concept that association credentialling is valuable to career growth and is worth funding overall.
“The bill would shift the paradigm for 529 plans—transforming them from ‘college savings plans to ‘career savings plans,’ the coalition’s letter states. “Families could save money—utilizing the unique tax advantages that 529 plans offer—for beneficiaries at any stage of their careers and at any education level to boost job prospects and earning potential.”
Remember, subscribe to ACA Daily and Member Alerts under your My ACA profile when logged in to acainternational.org to receive updates on the ACA Huddle.