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Bill Would Allow 529 Savings to Be Spent on Training Instead of College via @freebeacon freebeacon.com/issues/bill-wo…
Reps. Donald Norcross (D., N.J.) and Mike Kelly (R., Pa.) sponsored the 529 OPTIONS Act as a vehicle for parents of young Americans to set aside money in investment accounts designed to cover the costs of tuition.
"Right now, students and families can use 529 tax-free savings accounts for college, but they can't use those same savings accounts for registered apprenticeships," Norcross said in an email. "This exclusion is unfair and counterproductive."
It would allow 529 accounts to be used to pay for registered apprenticeship programs, as well as the materials, including books and equipment, necessary for the job.
Offsetting these costs would help young people to enter the workforce with adequate training without the barriers and debt that have saddled recent generations.
