UMA Joins Coalition Backing Bill To Allow Education Savings Plans To Pay For CDL Training
The United Motorcoach Association (UMA) is among more than 500 trade associations, professional societies, businesses and employers joining to back a bill that would allow education savings plans to pay for post-secondary training and credentialing, as reported in Bus & Motorcoach News.
This new group, the Tomorrow’s Workforce Coalition, is led by the American Society of Association Executives and the Professional Certification Coalition. It was established to build support for the Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477).
The act, which has bipartisan sponsorship in the U.S. House and Senate, would expand qualified expenses under tax-advantaged 529 education savings plans to include post-secondary training and credentialing, such as licenses and professional certifications. It would provide valuable tax-advantaged resources for families, students, and workers — with or without a college degree — who pursue career growth, mid-career changes or pathways that diverge from a typical academic route.
“The UMA is part of this coalition seeking to permit use of 529 funds for credentialing, such as commercial driver training to obtain a CDL,” UMA CEO/President Scott Michael said.
Supporters of the bill said it would transform 529 accounts from “college savings plans” into “career savings plans” that could help pay for education, training and credentials that lead to a variety of career paths.
American Society of Association Executives President and CEO Michelle Mason said the act, “Can empower workers of any educational background, skill level or age. This pragmatic policy would support all industries and professions that rely on employees with specialized training or credentials.”
Knowledge, skills, and abilities are essential to help professionals grow their careers and for industries to grow their impact, said Denise Roosendaal, executive director of the Institute for Credentialing Excellence and co-leader of the Professional Certification Coalition.
The bill is sponsored in the U.S. House by Reps. Rob Wittman, R-Va., and Abigail Spanberger, D-Va., and in the Senate by Sens. Amy Klobuchar, D-Minn., and Mike Braun, R-Ind.
A member roster can be found at powerofassociations.org.