American Workforce Empowerment Act

Bill: 118-s-2921
Sponsor: full_name: Sen. Marshall, Roger [R-KS]
Introduced: 2023-09-26
Policy area: Taxation
Latest action: action_date: 2023-09-26
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-09-26
action_desc: Introduced in Senate
text: <p><strong>American Workforce Empowerment Act&nbsp;</strong></p><p>This bill expands the types of programs that tax-preferred college savings plans (i.e., 529 plans) may fund with distributions, including preapprenticeship and registered apprenticeship programs, a program of high school career and technical education, and a recognized postsecondary credential.&nbsp;</p>

tv_txt: II 118th CONGRESS 1st Session S. 2921 IN THE SENATE OF THE UNITED STATES September 26 (legislative day, September 22), 2023 Mr. Marshall introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permit 529 plans to be used for certain non-degree technical training certificate programs, apprenticeship programs, and other training programs.

1. Short title This Act may be cited as the American Workforce Empowerment Act . 2. 529 account funding for non-degree technical training certificate programs, apprenticeship programs, and other training programs (a) In general Paragraph (8) of section 529(c) of the Internal Revenue Code of 1986 is amended to read as follows: (8) Treatment of certain expenses associated with technical training certificate programs, registered apprenticeship programs, and other training programs Any reference in this subsection to the term qualified higher education expense shall include a reference to expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in— (A) an apprenticeship program registered and certified with the Secretary of Labor under the Act of August 16, 1937 (commonly known as the National Apprenticeship Act ; 50 Stat. 664, chapter 663; 29 U.S.C. 50 et seq. ), (B) a preapprenticeship program as defined in section 681.480 of title 20, Code of Federal Regulations (or any succeeding regulation), (C) a program of high school career and technical education (as the terms high school and career and technical education are defined in section 3 of the Carl D. Perkins Career and Technical Education Act of 2006 ( 29 U.S.C. 2302 )), or (D) obtaining or maintaining a recognized postsecondary credential as defined in section 3 of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3102 ), including testing and other fees required by the organization issuing the recognized postsecondary credential as a condition of obtaining or maintaining the credential. . (b) Effective date The amendment made by this section shall apply to expenses paid or incurred after the date of the enactment of this Act for programs beginning after the date of the enactment of this Act.