The Freedom To Invest in Tomorrow’s Workforce Act will allow those who have IRS Section 529 education accounts to use the funds in those accounts on such expenses as applications, examinations, and fees associated with pursuing private, professional credentials and certifications. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
Savings plans grow tax-deferred, and withdrawals are tax-free if they’re used for qualified education expenses. Prepaid tuition plans allow the account owner to pay in advance for tuition at designated colleges and universities, locking in the cost at today’s rates. 529 plans are also referred to as qualified tuition programs and Section 529 plans.
We need you to contact your Representatives and Senators to co-sponsor Representative Spanberger’s legislation in Congress, the Freedom To Invest in Tomorrow’s Workforce Act.
The “Freedom To Invest in Tomorrow’s Workforce Act” will enable those who seek professional, post-secondary credentials from institutions recognized by the Internal Revenue Service. As one who holds a professional credential, I consider it essential to the growth of a trained, specialized professional workforce to be able to fund activities associated with gaining and retaining a professional credential. Representative Spanberger’s Freedom To Invest in Tomorrow’s Workforce Act does exactly that. A copy of the draft legislation is here.
Spanberger co-led the introduction of the legislation alongside U.S. Representatives Fred Upton (R-MI-06), Dean Phillips (D-MN-03), and Rob Wittman (R-VA-01). A companion bill in the U.S. Senate is led by U.S. Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN).
Please go to the IHMM Legislative Action Center here > https://ihmm.org/45-in-5-task-force/ and then fill out the contact form provided. It’s easy and very effective!
“Freedom To Invest in Tomorrow’s Workforce Act.” and then enter your contact information to send a prepared message to your members of the U.S. House of Representatives and U.S. Senate encouraging them all to co-sponsor the “Freedom To Invest in Tomorrow’s Workforce Act.”
Tens of thousands of our voices from around the nation will get this done.