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Wittman Emphasizes Importance of 529 Savings Account Expansion to Ways and Means Committee
WASHINGTON, D.C. – Today, Congressman Wittman (VA-01) testified to the Ways and Means Committee on H.R.1477 - the Freedom to Invest in Tomorrow’s Workforce Act, which he introduced to increase access to educational workforce opportunities. This bipartisan bill, which currently has 65 cosponsors from both sides of the aisle, would permit the use of tax-advantaged 529 savings accounts to cover the costs of workforce training and credentialing program expenses.“The majority of America’s workforce consists of middle-skill jobs that require more than a high school education but not a bachelor’s degree,” Congressman Wittman testified during the hearing. “Unfortunately, many Americans are forced to pay for training and credentialing directly out of their own pocket as they are unable to use education savings plans, such as 529 savings accounts, to cover these costs. I introduced the Freedom to Invest in Tomorrow’s Workforce Act to make certification and credentialing programs eligible under 529 tax-advantaged education savings accounts. We must continue to improve access to educational workforce opportunities to ensure our students are equipped to lead our nation forward — I urge the committee to advance H.R. 1477.”
Click here for the full bill text.