10/12/2023

Co-sponsors Growing for Critical 529 Expansion Bill

The bill now has 70 co-sponsors

The bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act is now up to 70 co-sponsors in the House of Representatives – up from zero when the bill was introduced in March.

Forty-five Republicans and 25 Democrats support the beneficial workforce policy, which 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 American Society of Association Executives (ASAE) and its partner, the Professional Certification Coalition, lead the Tomorrow's Workforce Coalition and its 670 member organizations to help advocate for the legislation. Organizations can still join the Tomorrow’s Workforce Coalition via this link.

"From the earliest days of the coalition's founding, OSAP has been engaged with this bill because we understand how important it is to expand 529 benefits to all segments of our society," said Jarrod A. Clabaugh, CAE, president & CEO, OSAP. "For years, this has been a tool often unavailable for those who aren't wealthy; this bill, if enacted, would change who can benefit from establishing this type of tax savings plan. We're committed to the coalition's success. 

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