Bill · S. 756· Senate(119-S-756)

Freedom to Invest in Tomorrow’s Workforce Act

Age: 66 years

Minnesota

Introduced: 2/26/2025
Last activity: 2/26/2025 — Read twice and referred to the Committee on Finance.
Sponsored by: Amy Klobuchar
Cosponsors: - 6 - 9

Taxation

Introduced
In Committee

What this bill would do

The ``Freedom to Invest in Tomorrow's Workforce Act'' aims to amend the Internal Revenue Code of 1986. It proposes to treat certain postsecondary credentialing expenses as qualified higher education expenses for 529 accounts. This change would include expenses like tuition, fees, books, and equipment for recognized credential programs. It also covers testing fees required to obtain or maintain a credential and continuing education fees. The bill defines what constitutes a recognized program and a recognized credential through various standards. These changes would apply to distributions made after the bill is enacted.

Yes· 3 of 9

Would veterans be better off under this, taking everything together?+5
The bill specifically includes credentials listed in the Veterans Benefits Administration's directory as eligible expenses.
Would students be better off under this?+5
The bill expands the range of educational expenses that can be covered by tax-advantaged 529 accounts.
Does this make college cost less?+5
The bill increases the utility of 529 accounts by allowing them to be used for postsecondary credentialing, testing, and continuing education expenses.