As a proud member of Tomorrow’s Workforce Coalition, PRINTING United Alliance is pleased to announce that the bipartisan Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1151/S. 756) has been reintroduced in the House of Representatives and the Senate. The bill aims to transform 529 savings plans from "college savings plans" to "career savings plans" to help strengthen our workforce and give individuals the opportunity to succeed in the career of their choosing.
The House bill, reintroduced by Rep. Rob Wittman (R-VA) has bipartisan support with 5 Republican and 5 Democratic original cosponsors. It also has 7 cosponsors from the influential House Ways and Means Committee, the committee with jurisdiction over tax issues. On the Senate side, Senators Amy Klobuchar (D-MN), Roger Marshall (R-KS), Susan Collins (R-ME), and Peter Welch (D-VT) have reintroduced the legislation. The Joint Committee on Taxation (JCT) estimated the bill would only cost $85 million over ten years.
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, and key industries, including the printing industry, are struggling to find adequately trained workers to fill these roles. The Freedom to Invest in Tomorrow’s Workforce Act would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and nongovernmental certifications. It would provide valuable tax-advantaged resources to more workers pursuing career growth, mid-career changes, or alternative career pathways.
Why is this legislation important?
For the printing industry, this legislation is vital to creating opportunities for students seeking professional certifications, like the ones offered by PRINTING United Alliance. If the legislation passes, the Alliance's iLEARNING+ courses would be eligible for the use of 529 savings plan funds to cover the costs of the course.
We need you to take action today and tell Congress to support this legislation and include this language in their larger tax package in 2025! Here's the Action Alerts page where you can take action. Thank you for your support.
In this article, Stephanie Buka, Government Affairs Manager, PRINTING United Alliance, addresses the Freedom to Invest in Tomorrow's Workforce Act. More information can be found at Business Excellence-Legislation or reach out to Steph should you have additional questions specific to how these issues may affect your business: sbuka@printing.org.
To become a member of the Alliance and learn more about how our subject matter experts can assist your company with services and resources such as those mentioned in this article, please contact the Alliance membership team: 888-385-3588 / membership@printing.org.