Freedom to Invest in Tomorrow’s Workforce Act
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Bill details
Summary
Introduced in House
Freedom to Invest in Tomorrow’s Workforce Act This bill expands the expenses eligible for tax-free withdrawals from a qualified tuition program (known as a 529 plan) to include tuition, fees (including test fees), books, supplies, equipment, and other expenses related to the enrollment or attendance in a recognized postsecondary credentialing program. Under the bill, a recognized postsecondary credentialing program includes certain programs identified by a state as providing training services, a program listed in the Web Enabled Approval Management System (WEAMS) maintained by the Department of Veterans Affairs, certain examinations required to obtain or maintain a credential, and other reputable credentialing programs. Further, under the bill, such programs must be designed for an individual to obtain • an industry-recognized postsecondary employment credential (e.g., project management professional certificate, advanced emergency medical technician certificate, and welding supervisor certificate), • a certificate of completion of a registered and certified apprenticeship, • an occupational or professional license issued or recognized by a state or the federal government (and any certification required for obtaining such license), or • an associate or baccalaureate degree.
District impact notes
The Freedom to Invest in Tomorrow’s Workforce Act allows for tax-free withdrawals from 529 plans for a wider range of education-related expenses. • This policy could enhance access to vocational training programs in the district, potentially benefiting individuals seeking industry-recognized credentials. • Local educational institutions may see increased enrollment in programs that qualify under the expanded 529 plan provisions. • There may be questions about how the expanded eligibility for tax-free withdrawals will be communicated to potential beneficiaries and whether it will effectively reach those who could benefit. AI-generated from official bill summary and plain-English note; verify with official text.
Related votes
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