Freedom to Invest in Tomorrow’s Workforce Act Gains Additional Strong Support
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The Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477) now has 58 cosponsors – and the newest ones are strong additions. Congressman Mike Kelly (R-Pa.) is a Ways and Means Committee member, but he is the Chairman of the Tax Subcommittee. The Ways and Means Committee holds jurisdiction over all tax policy, but the Tax Subcommittee holds granular jurisdiction – the bill can’t move out of the whole committee if it’s not approved by leadership on the subcommittee first (i.e., Rep. Kelly). In addition, Senator Cindy Hyde-Smith (R-Miss.) is on board working to advance the act. Her support moves the Senate bill closer to an even bipartisan split.
The bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act 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-advantage 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 BOC recently joined with 500+ trade associations, professional societies, businesses and employers to launch the Tomorrow’s Workforce Coalition, established to build support for the Freedom to Invest in Tomorrow’s Workforce Act. Support for the bill continues to grow and the coalition should be well-positioned to advance this bill.
This is part of a continued effort that the BOC has been involved with. Find more information on the BOC’s efforts to date here.