H.R. 1151 — Freedom to Invest in Tomorrow’s Workforce Act

This section provides that the Act may be cited as the “Freedom to Invest in Tomorrow’s Workforce Act.”

This section expands 529 account qualified higher education expenses to include qualified postsecondary credentialing expenses for distributions made after enactment. It adds a new category of expenses for tuition, fees, books, supplies, equipment, testing fees, and required continuing education costs associated with a recognized postsecondary credential program, and it redesignates the existing subsection on 529 account definitions from subsection (f) to subsection (g). As background, 529 plans are tax-advantaged savings accounts used to pay education costs for designated beneficiaries. The new rule covers programs listed on a State list under 29 U.S.C. 3152(d), in the Department of Veterans Affairs’ WEAMS Public directory, or identified by the Secretary of the Treasury after consultation with the Secretary of Labor, and it includes industry-recognized credentials, registered apprenticeship certificates under 29 U.S.C. 50, occupational or professional licenses, and credentials defined in 29 U.S.C. 3102.