10/26/2023

House Ways and Means Hearing Focuses on Expanding 529 Accounts

The Tomorrow's Workforce Coalition is committed to this cause

The American Society of Association Executives (ASAE) and the Tomorrow’s Workforce Coalition submitted written comments for a House Ways and Means Committee hearing held earlier today to examine "Educational Freedom and Opportunity for American Families, Students, and Workers."

The Tomorrow’s Workforce Coalition, which includes more than 725 trade groups, professional societies and companies, has urged Congressional tax-writing committee leaders to back the Freedom to Invest in Tomorrow’s Workforce Act (S. 722/H.R. 1477), a bill that would expand 529 education savings plans to cover costs for obtaining or maintaining postsecondary credentials.

House Ways and Means Committee Chairman Jason Smith (R-MO) acknowledged in his opening statement at the hearing today that 529 accounts "have a successful track record," and said Congress "should be listening to parents and helping reduce the financial barriers blocking them from taking full charge of their children’s education."

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