Freedom To Invest in Tomorrow's Workforce Act

Hozzl · 2024-03-14T04:05:44Z

Explore the details of House Bill 1477 Freedom To Invest in Tomorrow's Workforce Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/14/2024, 4:05 AM

Summary 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

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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, 2023

Bipartisan Support of Bill HR 1477

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

250

Democrat Cosponsors

Republican Cosponsors

152

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1477

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1477

Freedom To Invest in Tomorrow's Workforce Act

To 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.