119th Congress Taxation
S. 756: Freedom to Invest in Tomorrow’s Workforce Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill expands the expenses eligible for tax-free withdrawals from a qualified tuition program (known as a 529 plan) to include tuition, fees (including test fees), books, supplies, equipment, and other expenses related to the enrollment or attendance in a recognized postsecondary credentialing program.
Under the bill, a recognized postsecondary credentialing program includes certain programs identified by a state as providing training services, a program listed in the Web Enabled Approval Management System (WEAMS) maintained by the Department of Veterans Affairs, certain examinations required to obtain or maintain a credential, and other reputable credentialing programs.
Further, under the bill, such programs must be designed for an individual to obtain
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- an industry-recognized postsecondary employment credential (e.g., project management professional certificate, advanced emergency medical technician certificate, and welding supervisor certificate),
- a certificate of completion of a registered and certified apprenticeship,
- an occupational or professional license issued or recognized by a state or the federal government (and any certification required for obtaining such license), or
- an associate or baccalaureate degree.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Susan Collins R-MEOriginal
- Roger Marshall R-KSOriginal
- Peter Welch D-VTOriginal
- John Hickenlooper D-CO
- Mark Kelly D-AZ
- Angus King I-ME
- Dan Sullivan R-AK
- Thom Tillis R-NC
- Katie Britt R-AL
- Tammy Duckworth D-IL
- John Fetterman D-PA
- Eric Schmitt R-MO
- Tommy Tuberville R-AL
- Jerry Moran R-KS
- Cindy Hyde-Smith R-MS
- Jacky Rosen D-NV
Who scored on this bill
- 1Amy Klobuchar SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Amy Klobuchar.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.