Bill to Expand 529 Savings Accounts Reintroduced in Senate, House
The bipartisan legislation, long supported by ASAE, would allow workers to use 529 education savings accounts to pay for voluntary professional certifications and credentials offered by associations.
Sens. Amy Klobuchar (D-MN) and Mike Braun (R-IN) and Reps. Rob Wittman (R-VA) and Abigail Spanberger (D-VA) this week reintroduced the Freedom to Invest in Tomorrow’s Workforce Act, bipartisan legislation to allow Americans to use ‘529’ education savings accounts for skills training, credentialing, and certification programs.
Current law only permits workers and families to use 529 accounts to pay for college, university, and vocational school expenses, but ASAE and the Professional Certification Coalition have long championed the Freedom to Invest in Tomorrow’s Workforce Act as a way for workers to pay for voluntary professional certifications and credentials offered by associations.
“Certifications and other postsecondary credentials are pathways to employment and to career growth across fields, from entry-level service jobs to mid-career job changes to leadership positions in professions that require highly specialized knowledge,” said Mary Kate Cunningham, CAE, ASAE’s senior vice president of public policy, when the bill was originally introduced.
“Skills training and development programs help provide people with the tools and resources they need to succeed in our economy,” Klobuchar said in a press release. “By allowing workers to use their ‘529’ educational savings to pay for additional training and certification, our bipartisan legislation will enable more Americans to access and benefit from these valuable programs.”
Every high school student in America needs to know that you don’t necessarily have to go to college to have a great career,” Braun said in a press release. “By expanding opportunities and access to skills training programs, and letting Americans use their ‘529’ education savings to pay for it, we can address the nationwide skills shortage and fill American jobs.”
The Senate bill is cosponsored by Sens. Tammy Duckworth (D-IL), Susan Collins (R-ME), Dianne Feinstein (D-CA), Joe Manchin (D-WV), Martin Heinrich (D-NM), Peter Welch (D-VT) and Tommy Tuberville (R-AL).