Bill 119 HR 1151, also known as the "529 Expansion for Postsecondary Credentialing Act," aims to amend the Internal Revenue Code of 1986 to include certain postsecondary credentialing expenses as qualified higher education expenses for 529 accounts.
Under this bill, individuals will be able to use funds from their 529 accounts to cover expenses related to obtaining postsecondary credentials, such as industry-recognized certifications and licenses. This includes expenses for tuition, fees, books, supplies, and equipment required for the credentialing program.
The bill recognizes the importance of postsecondary credentials in today's workforce and aims to make it easier for individuals to pursue these credentials by allowing them to use their 529 savings. This can help individuals advance their careers and increase their earning potential.
Overall, Bill 119 HR 1151 seeks to expand the use of 529 accounts to support individuals seeking postsecondary credentials, ultimately promoting workforce development and economic growth.