The Tomorrow’s Workforce Coalition is a groundbreaking collaboration, involving the International Association of Workforce Professionals and more than 500 trade associations, professional societies, businesses, and employers. This coalition is dedicated to advocating for the passage of the Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477), a bipartisan and bicameral bill led by Representatives Rob Wittman (R-VA) and Abigail Spanberger (D-VA) in the U.S. House of Representatives, and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN) in the U.S. Senate.
The Freedom to Invest in Tomorrow’s Workforce Act aims to bolster workforce development by expanding qualified expenses under 529 savings plans to include postsecondary training and credentialing beyond traditional college degrees. By making licenses, professional certifications, and other forms of training eligible for tax-advantaged savings, the bill empowers individuals to pursue diverse career paths and mid-career changes, fostering a stronger and more adaptable workforce.
Supporting Workforce Development:
- Empowering Career Growth and Flexibility: The bill’s core objective is to provide valuable financial resources for families, students, and workers seeking career advancement through non-traditional academic routes. By allowing 529 savings plans to cover expenses related to postsecondary training and credentialing, individuals can invest in their professional development, explore new opportunities, and achieve higher earning potential.
- Strengthening Workforce Pathways: The coalition recognizes the vital role that training and credentialing organizations play in establishing and reinforcing professional pathways. These organizations help bridge the gap between education and practical skills, equipping workers with industry-specific expertise and making them more competitive in the job market.
- Enhancing Industry Excellence: Workforce development relies on maintaining high standards of excellence within industries. By supporting the expansion of qualified expenses to include certifications and specialized training, the Tomorrow’s Workforce Coalition ensures that workers can access the latest knowledge and skills required for their fields, contributing to the overall advancement of industries.
- Promoting Marketplace Competition: A well-trained and highly skilled workforce fosters healthy marketplace competition. As employees’ expertise improves, businesses can deliver higher quality products and services to consumers, encouraging innovation and driving economic growth.
- Serving the Needs of All Learners: The Freedom to Invest in Tomorrow’s Workforce Act recognizes that not all career paths require a traditional college degree. By offering tax advantages for diverse forms of training and credentialing, the bill accommodates learners with varying preferences and educational backgrounds, promoting inclusivity in the workforce.
The bipartisan and bicameral Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477) seeks to expand 529 savings plans to include postsecondary training and credentialing, enabling individuals to pursue career growth, mid-career changes, and alternative pathways with financial support.
Through the collective efforts of training and credentialing organizations, businesses, employers, and policymakers, the coalition aims to build a resilient and skilled workforce capable of meeting the challenges of the ever-evolving job market.