Spanberger, Wittman Reintroduce Bipartisan Bill to Allow Virginia Students & Workers to Use 529 Savings Plans to Pay for Training & Credentialing Programs

The Freedom to Invest in Tomorrow’s Workforce Act Would Give Students & Workers the Freedom to Use Their 529 Savings Plans to Cover Workforce Training, Certification, & Credentialing Program Costs

WASHINGTON, D.C. — U.S. Representatives Abigail Spanberger (D-VA-07) and Rob Wittman (R-VA-01) today reintroduced a bipartisan bill to help more Virginia students and workers afford high-quality workforce training and credentialing programs.

The Freedom to Invest in Tomorrow’s Workforce Act would give individuals in Virginia and across the country the freedom to use their 529 savings plans to cover the costs of certain workforce training and credentialing programs. Additionally, the bill would allow students to use their 529 funds to pay for associated costs related to certification exams and maintenance of certification credentials. Right now, only colleges, vocational schools, universities, or other post-secondary institutions are considered an eligible 529 education savings plan expense.

“In Virginia, 529 savings accounts have long helped the next generation of our workforce afford a higher education. But right now, Virginia students can’t use these accounts to pay for the credentialing and licensing programs many of them need to succeed,” said Spanberger. “Especially as we see more specialized, cutting-edge industries grow in the Commonwealth, we need to fix this issue. Our bipartisan bill would give Virginia students and workers the ability to use their 529 accounts to cover tuition, books, and testing costs related to key training programs — and I’m once again proud to join my Virginia colleague Congressman Wittman in introducing this commonsense legislation.”

“Science, Technology, Engineering, and Math (STEM) and Career and Technical Education (CTE) programs are essential to the future development of our nation,” said Wittman. “We have a responsibility to prepare students for the demands of our workforce and economy, and we must do what we can to offer options for them to afford postsecondary education and career training. The Freedom to Invest in Tomorrow’s Workforce Act will provide students in Virginia and across the nation with the opportunity to use their 529 plans to cover tuition, exam, training, and supply costs associated with obtaining postsecondary education workforce certifications. As we work to build our future workforce, this legislation will be instrumental in assisting students with securing in-demand, good-paying jobs. I look forward to working with my colleagues to advance this bill and ensure students have the necessary skills to succeed in the 21st-century job market.”

The Freedom to Invest in Tomorrow’s Workforce Act is supported by the American Society of Association Executives, Virginia 529, and the Professional Certification Coalition — which represents more than 100 organizations.

According to the National Skills Coalition, middle-skill jobs — which require more than a high school education but not a bachelor’s degree — comprise the largest component of America’s labor market. However, key industries cannot find adequately-trained workers to fill these jobs.

Specifically, the bipartisan Freedom to Invest in Tomorrow’s Workforce Act would amend current law to allow workers and students to use their 529 plans to pay for training or credentialing programs recognized by a state government or the federal government — or widely recognized as providing reputable credentials in the occupation. Simultaneously, the bill would maintain the current allowable uses for 529 plan expenses — such as colleges and vocational schools.


Recent Posts

Spanberger Statement on Vote to Pass National Security Package

Congresswoman: “Today, Serious Lawmakers Did Their Jobs, Voted to Maintain Our Standing in the World, and Demonstrated the Power & Goodwill of the United States of America” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger — a Member of the U.S. House Intelligence Committee — today released the following statement after voting with a bipartisan majority […]

Apr 17, 2024

Spanberger, Kaine, Valadao Lead Bipartisan, Bicameral Effort to Expand Digital Skills in Workforce Training

The “Digital Skills for Today’s Workforce Act” Would Establish New “Digital Skills at Work” Grant Program to Expand Digital Workforce Skills for Americans Seeking Employment or Upskilling Opportunities WASHINGTON, D.C. — U.S. Representative Abigail Spanberger (D-VA-07), U.S. Senator Tim Kaine (D-VA), and U.S. Representative David Valadao (R-CA-22) today introduced bipartisan, bicameral legislation to expand access […]

Apr 17, 2024

MONDAY: Spanberger to Host Virginia-Focused Telephone Town Hall

Next Week’s Event Will Focus on Many Issues Facing the Seventh District’s Families, Seniors, & Economy WASHINGTON, D.C. — On Monday, April 22, U.S. Representative Abigail Spanberger will host an open, public telephone town hall focused on a range of issues facing Virginia’s families, seniors, and economy. The virtual event will also be livestreamed via video […]