09/28/2023

Tomorrow’s Workforce Coalition Delivers Letter to Congress

The coalition includes signatories from more than 650 organizations

The Tomorrow’s Workforce Coalition, which includes more than 650 trade groups, professional societies and companies, this week urged Congressional tax-writing committee leaders to back a bill that would expand 529 education savings plans to cover costs for obtaining or maintaining postsecondary credentials.

The coalition delivered a letter this week to House Ways and Means Committee Chair Jason Smith (R-MO) and Ranking Member Richie Neal (D-MA) and Senate Finance Committee Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) to urge approval of the Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477).

The bipartisan, bicameral legislation would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and professional certifications. The bill would provide valuable tax-advantaged resources for families, students and workers—with or without a college degree—who pursue career growth, mid-career changes or pathways that diverge from a typical academic route.

"The bill would shift the paradigm for 529 plans—transforming them from 'college savings plans' to 'career savings plans.' 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," the letter says.

The bill is led by Reps. Rob Wittman (R-VA) and Abigail Spanberger (D-VA) in the House of Representatives and Sens. Amy Klobuchar (D-MN) and Mike Braun (R-IN) in the Senate. The Tomorrow’s Workforce Coalition is led by the American Society of Association Executives (ASAE) and the Professional Certification Coalition (PCC). OSAP was an early signatory on the letter and member of the coalition.

This article was provided to OSAP by ASAE's Power of Associations and Inroads.