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    Freedom to Invest in Tomorrow’s Workforce Act 

    Bipartisan federal legislation – Freedom to Invest in Tomorrow’s Workforce Act (S.722 / H.R. 1477) would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs.   

    What are 529 Savings Plans?  

    529 savings plans are state-sponsored education savings vehicles that are exempt from federal taxes if funds are used to pay for qualified education expenses. These include: college, graduate, or professional degrees; education programs from Title IV accredited institutions; registered apprenticeship programs; up to $10,000/year in elementary or high school tuition; and certain student loan repayments.  

    How Could the Accounting Profession Benefit from this Legislation?  

    Licensure prep courses, practice exams and study materials would be covered, as would: 

    • Licensure exams 
    • Continuing education and licensure renewal 
    • Other costs required to obtain and maintain a license 

    Congressional Members Supporting this Legislation  

    Senate Leads (S. 722) Senate Cosponsors  

    Sen. Klobuchar (D-MN) Sens. Duckworth (D-IL), Collins (R-ME), Feinstein (D-CA),  

    Sen. Braun (R-IN) Sens. Heinrich (D-NM), Welch (D-VT), Tuberville (R-AL) 

    House Leads (H.R. 1477)  House Cosponsors  

    Rep. Whittman (R-VA) Cosponsor List – More than 130 House Co-sponsors  

    Rep. Spanberger (D-VA)  

    The National Association of State Boards of Accountancy (NASBA), the American Institute of CPAs (AICPA), and the Alliance for Responsible Professional Licensing (ARPL) are proud to support this legislation. For more information, contact John Johnson, NASBA’s Director of Legislative and Governmental Affairs, at [email protected].