Bipartisan Bill to Expand 529 Savings Accounts Reintroduced in Senate, House
This will be a key focus of discussions at the American Associations 2023 Day
Last week, Sens. Amy Klobuchar (D-MN) and Mike Braun (R-IN) and Reps. Rob Wittman (R-VA) and Abigail Spanberger (D-VA) 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, such as the CAE.
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 Actas a way for workers to pay for voluntary professional certifications and credentials offered by associations.
"Certifications and other post-secondary 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.
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