Hassan cosponsors bill to enable Granite Staters to use education savings for skills training and credentialing programs
WASHINGTON – U.S. Sen. Maggie Hassan cosponsored bipartisan legislation that would help Granite Staters pay for work training programs by expanding eligible uses of the ‘529’ tax-advantaged education savings program to include state, federal, or industry recognized training or credentialing programs. The Freedom to Invest in Tomorrow’s Workforce, which was introduced by Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN), builds on legislation Senator Hassan recently introduced with Senator Susan Collins (R-ME) to cut taxes for families who save for higher education.
“New Hampshire businesses need a highly skilled workforce to succeed, and many Granite Staters are eager to participate in workplace training programs to get good-paying jobs. We should make it as easy as possible for young workers to enroll in programs that will teach them the skills that our innovative businesses are looking for,” Senator Hassan said. “Expanding 529 education savings accounts to include skills training and credentialing programs is a commonsense step to help Granite Staters get on the road to success and grow our economy. I will continue working across the aisle to help families afford the cost of higher education, as well as ensure that our businesses have the workforce that they need to thrive in our 21st century economy.”
The Freedom to Invest in Tomorrow’s Workforce allows individuals to use 529 education savings accounts to cover costs related to certification exams and maintaining certification credentials. Current law only allows workers and families to use these accounts to pay for college, university, and vocational school expenses.
Hassan is working across the aisle to help lower the cost of higher education. The 2022 government funding bill that was recently signed into law included $20 million that Senator Hassan worked to secure to help students at colleges in rural communities meet their education goals and access employment opportunities. Senator Hassan also joined in introducing the bipartisan Jumpstart Our Businesses By Supporting Students (JOBS) Act, which would expand the Pell Grant to cover workforce training programs. Senator Hassan successfully pushed for an increase in maximum Pell Grant award by $400 in the latest government funding bill, which marks the largest increase in more than a decade.