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New 529 Plan Funding for Technical Training and Apprenticeships

This act expands how 529 savings plans can be used. Now, these funds can cover costs for non-degree technical training and apprenticeship programs, making it easier for individuals to gain new skills and professional qualifications.
Key points
529 plan funds can now be used for fees, books, supplies, tools, and equipment required for registered apprenticeship programs.
Funds can also cover expenses for recognized postsecondary technical training certificate programs that do not lead to a degree.
These changes apply to expenses paid or incurred after the act's enactment date for programs starting after that date.
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Additional Information
American Workforce Empowerment Act
Print number: HR 329
Sponsor: Rep. Finstad, Brad [R-MN-1]
Process start date: 2023-01-12