Manchin Bill To Expand '529' Education Savings Accounts Uses To Include Vocational, Technical Training
Charleston, WV– U.S. Senator Joe Manchin (D-WV) reintroduced a bipartisan, bicameral bill to expand eligible uses of the ‘529’ tax-advantaged education savings program to include state, federal, or industry recognized training or credentialing programs. Currently, the ‘529’ education savings program only allows workers and families to use these accounts to pay for college, university, and vocational school expenses. This legislation would not create any new tax incentives but would expand the program to cover costs related to certification exams and maintaining certification credentials.
“Vocational and technical schools provide West Virginians with the opportunity to receive a quality, desired skillset that is sorely needed in our state and across the nation. We must ensure that opportunities for vocational and technical training are available and affordable in the Mountain State. My bipartisan legislation would ensure that students who chose to participate in vocational and technical training have access to the same tax benefits as students who attend college,” said Senator Manchin. “Expanding the ‘529’ savings accounts to cover the costs of licensing, certification exams and other expenses will create more opportunities for West Virginians to compete for and retain good-paying jobs. I urge my colleagues on both sides of the aisle to join our commonsense legislation and create more opportunities for success for all workers.”
Senator Manchin was joined by Senators Amy Klobuchar (D-MN), Mike Braun (R-IN), Dianne Feinstein (D-CA), Tammy Baldwin (D-WI) and Tammy Duckworth (D-IL). In the House of Representatives, cosponsors include U.S. Representatives Abigail Spanberger (D-VA), Rob Wittman (R-VA), Dean Phillips (D-MN) and Fred Upton (R-MI).
Bill text can be found here.
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