Senator Marshall Joins Bipartisan Effort to Expand Education Savings Accounts for Skills Training and Certification Programs

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) joined U.S. Senator Amy Klobuchar (D-Minnesota) to introduce the Freedom to Invest in Tomorrow’s Workforce Act, bipartisan legislation that will give American workers the freedom to use their ‘529’ education savings accounts for skills training, certification programs, and credentialing.

“Back home, not a day goes by that I don’t hear about the workforce shortages across the state. We have high-paying jobs at the ready but struggle to find qualified employees. Our bill helps fill these workforce gaps and empowers Kansans to pursue non-traditional educational opportunities more easily,” said Senator Marshall. “Allowing 529 funds to be used beyond a four-year education makes sense. Whether it’s a bachelor’s degree or an apprenticeship opportunity, 529 savings plans need to be flexible to meet the growing demands of our workforce.”

“Workforce training is key to expanding opportunity and growing our economy by providing workers with the tools and resources they need to succeed,” said Senator Klobuchar. “By allowing Americans to use their ‘529’ educational savings to pay for training and certification outside of a four-year degree, our bipartisan legislation will enable more people to access these valuable programs and open doors to good-paying jobs.”

529 plans are a tax-advantaged investment vehicle to encourage saving for future higher-education expenses. Money going into these types of plans/accounts gets taken out pre-tax for qualified expenses, including qualified higher education expenses, or tuition for elementary or secondary schools. The current law only allows families and workers to use their 529 accounts to pay for college, university, or vocational school costs.

You may click here to read the full bill text. 

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