NGWA joined the Tomorrow’s Workforce Coalition, a new alliance created to support the passage of the Freedom to Invest in Tomorrow’s Workforce Act (S.722/H.R.1477).
The Freedom to Invest in Tomorrow’s Workforce Act is a bipartisan bill that would expand qualifying expenses for 529 college saving plans to include postsecondary training and credentialing programs. This would include costs associated with continuing education credits, certification classes, and testing materials.
529 plans are state-sponsored education savings accounts that are exempt from federal taxes if funds are used to pay for qualified education expenses. These include college, graduate, or professional degrees, education programs from Title IV-accredited institutions, and registered apprenticeships. Under current law, 529 plan beneficiaries cannot use funds to obtain or maintain professional certifications and credentials.
The bill was introduced in March by Senator Amy Klobuchar (Minnesota) and Representative Robert Wittman (Virginia). Currently, the legislation has more than 30 cosponsors in the House and eight in the Senate. NGWA will be working with other coalition members and volunteers to gain more support for the bill throughout the summer and fall.
In the past, NGWA has supported various pieces of legislation to expand qualifying expenses of 529 saving plans, though none have been successful.
“Issues like workforce development that are wide ranging and impact the entire industry must be addressed on all levels,” said Ben Frech, NGWA public relations and government affairs manager. “One of the reasons we have kept pursuing this issue is because we view it as a commonsense policy change that could actually help develop and train the next generation of professionals.”
The Tomorrow’s Workforce Coalition was developed through the efforts of the American Society of Association Executives, which represents professional associations and their leadership across the country.