Organizations support legislation to allow payment of training from 529 accounts

Legislation introduced by U.S. Reps. Rob Wittman and Abigail Spanberger of Virginia is gaining support.

Freedom to Invest in Tomorrow’s Workforce Act would permit the use of 529 accounts to pay for postsecondary credential and training program expenses.

“Their support, and the bipartisan support from my colleagues in Congress, emphasizes how important it is to remove the financial barriers to obtaining the in-demand skills of a 21st-century job market. By expanding the use of 529 account funds for postsecondary training expenses, we can ensure businesses are equipped with a skilled and innovative workforce who can drive our nation’s economy forward. I’m proud to continue leading this important effort with my Virginia Delegation colleague, Congresswoman Spanberger, and I look forward to the future progression of our bill,” Wittman said.

Seventeen organizations support the legislation, including Virginia529, American Trucking Associations, Tomorrow’s Workforce Coalition and Institute for Credentialing Excellence.

“More organizations are backing our bipartisan bill — because they understand the imperative of investing in the next generation’s education. Recently, I’ve heard directly from many Virginia employers who’ve struggled to fill middle-skill jobs. In a moment when these jobs are more available, we can’t afford to leave behind Virginia’s workers — simply because they lack adequate training,” Spanberger said. “The momentum behind our legislation shows growing support for the idea that students should be able to use their 529 savings accounts to cover tuition, books, certification, and testing costs related to workforce training programs — like CNA, IT, and welding programs. A four-year college is not always the right option for every Virginia student — and I’m proud to lead this legislation alongside Congressman Wittman to make 529 plans more flexible and to deliver a win for our Commonwealth’s students, workers, businesses, and families.”

The legislation has 33 co-sponsors, including Virginia Congresswomen Jennifer Wexton and Jennifer McClellan.