Freedom To Invest in Tomorrow's Workforce Act
3/14/2024, 4:05 AMSummary of Bill HR 1477
Bill 118 hr 1477, also known as the Freedom To Invest in Tomorrow's Workforce Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide tax incentives for employers who invest in their employees' education and training.Under this bill, employers would be able to claim a tax credit for up to 20% of the cost of eligible education and training expenses for their employees. These expenses could include tuition, books, and other necessary materials for job-related education and training programs.
The bill also aims to expand access to education and training programs for workers by allowing employers to partner with educational institutions and training providers to offer these programs on-site or online. This would make it easier for employees to access the education and training they need to advance in their careers. Overall, the Freedom To Invest in Tomorrow's Workforce Act is designed to incentivize employers to invest in their employees' education and training, ultimately leading to a more skilled and competitive workforce. It is currently being debated in Congress, and its future remains uncertain.
Congressional Summary of HR 1477
Freedom To Invest in Tomorrow's Workforce Act
This bill allows the use of funds in a qualified tuition program (commonly known as a 529 account) to pay for expenses associated with obtaining or maintaining recognized postsecondary credentials.
Read the Full Bill
Current Status of Bill HR 1477
Bill HR 1477 is currently in the status of Bill Introduced since March 8, 2023. Bill HR 1477 was introduced during Congress 118 and was introduced to the House on March 8, 2023. Bill HR 1477's most recent activity was Referred to the House Committee on Ways and Means. as of March 8, 2023Bipartisan Support of Bill HR 1477
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
250Democrat Cosponsors
98Republican Cosponsors
152Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1477
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 1477
Freedom To Invest in Tomorrow's Workforce ActFreedom To Invest in Tomorrow's Workforce ActTo amend the Internal Revenue Code of 1986 to permit certain expenses associated with obtaining or maintaining recognized postsecondary credentials to be treated as qualified higher education expenses for purposes of 529 accounts.Comments
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Sponsors and Cosponsors of HR 1477
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