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Expanding Tax Benefits for Career Training with 529 Accounts

This act allows funds from 529 education savings accounts to be used for vocational training and certifications. This means citizens can now save for future career qualifications with the same tax benefits as for traditional higher education. It makes financing career development and acquiring new skills more accessible.
Key points
529 accounts, previously mainly for college, can now cover costs of career training and certifications.
This includes tuition, fees, supplies, and costs for exams and maintaining recognized professional credentials.
Changes apply to expenses paid or incurred in taxable years beginning after the act's enactment date.
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Additional Information
Freedom To Invest in Tomorrow's Workforce Act
Print number: HR 2171
Sponsor: Rep. Spanberger, Abigail Davis [D-VA-7]
Process start date: 2021-03-23