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ASAE Applauds House Committee Passage of Top Legislative Priority

Green Lights Freedom to Invest in Tomorrow’s Workforce Act

By Todd McElwee

ASAE’s top federal legislative priority, the Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1477 / S. 722), cleared the House Ways and Means Committee on July 9 as part of a larger bill. The body approved H.R. 8915, the Education and Workforce Freedom Act, by a vote of 23-13.

“ASAE and its Tomorrow’s Workforce Coalition—now with more than 810 member organizations—are extremely grateful to the Ways & Means Committee for approving H.R. 8915,” said ASAE President & CEO Michelle Mason, FASAE, CAE. “This important legislation would help strengthen countless careers and the entire economy, which is why we strongly support the bill’s provisions enabling people to pursue workforce training and credentialing—this legislation can shift the 529-paradigm from “college savings plans” to “career savings plans.””

The Freedom to Invest in Tomorrow’s Workforce Act permits beneficiaries of 529 savings accounts to use their account funds to cover costs associated with workforce training and both obtaining and maintaining high-quality postsecondary credentials, such as professional certifications and occupational licenses.

ASAE added 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 Senate companion bill has 24 bipartisan cosponsors.

The Freedom to Invest in Tomorrow’s Workforce Act has been ASAE’s primary legislative target for some time. Last July, ASAE launched the Tomorrow’s Workforce Coalition to support the bill. The bill was the centerpiece of the ASAE Legislative Fly-In in March.

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