Freedom To Invest in Tomorrow's Workforce Act
This bill allows the use of funds in a qualified tuition program (commonly known as a 529 account) to pay for expenses associated with obtaining or maintaining recognized postsecondary credentials.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1477 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 1477
To amend the Internal Revenue Code of 1986 to permit certain expenses
associated with obtaining or maintaining recognized postsecondary
credentials to be treated as qualified higher education expenses for
purposes of 529 accounts.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 8, 2023
Mr. Wittman (for himself and Ms. Spanberger) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to permit certain expenses
associated with obtaining or maintaining recognized postsecondary
credentials to be treated as qualified higher education expenses for
purposes of 529 accounts.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Freedom To Invest in Tomorrow's
Workforce Act''.
SEC. 2. CERTAIN CAREER TRAINING AND CREDENTIALING EXPENSES TREATED AS
QUALIFIED HIGHER EDUCATION EXPENSES FOR PURPOSES OF 529
ACCOUNTS.
(a) In General.--Section 529(e)(3) of the Internal Revenue Code of
1986 is amended by adding at the end the following new subparagraph:
``(C) Certain career training and credentialing
expenses.--
``(i) In general.--The term `qualified
higher education expenses' includes--
``(I) tuition, fees, books,
supplies, and equipment required for
the enrollment or attendance of an
individual in a recognized
postsecondary credential program, or
any other expense incurred in
connection with enrollment in or
attendance at a recognized
postsecondary credential program if
such expense would, if incurred in
connection with enrollment or
attendance at an eligible educational
institution, be covered under
subparagraph (e)(3)(A),
``(II) fees required to obtain or
maintain a recognized postsecondary
credential (as defined in section 3(52)
of the Workforce Innovation and
Opportunity Act), including certificate
or certification programs that are
accredited by the National Commission
on Certifying Agencies or the American
National Standards Institute, or any
postsecondary credential identified in
regulations or guidance promulgated by
the Internal Revenue Service, in
consultation with the Department of
Labor, for purposes of this subclause,
and
``(III) fees for testing and other
fees required by the organization
issuing the recognized postsecondary
credential as a condition of
maintaining or obtaining the
credential.
``(ii) Recognized postsecondary credential
program.--For purposes of this paragraph, the
term `recognized postsecondary credential
program' means a program to obtain a recognized
postsecondary credential if such program is
included on a list prepared under section
122(d) of the Workforce Innovation and
Opportunity Act or meets the training or
educational prerequisites to qualify an
individual to take an examination developed or
administered by an organization widely
recognized as providing reputable credentials
in the occupation, where such examination is
required to obtain or maintain a recognized
postsecondary credential.''.
(b) Effective Date.--The amendment made by this section shall apply
to expenses paid or incurred in taxable years beginning after the date
of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line