AICPA Endorses Bipartisan Bill to Expand Use of 529 Savings Plan
Washington, D.C. (April 20, 2023) – The American Institute of CPAs (AICPA) expressed its support of H.R. 1477, the Freedom to Invest in Tomorrow’s Workforce Act. The bipartisan bill – sponsored by Representatives Abigail Spanberger (D-VA) and Rob Wittman (R-VA) – would expand eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional credentials and certifications. It would provide accounting professionals with greater financial flexibility as they enter the workforce and seek to further their education.
In the letter, the AICPA emphasizes the importance of ensuring that 529 plan owners and administrators can easily understand and use the expanded benefit and encourages increased clarity around the process used to identify a certification as a “recognized postsecondary credential,” as well as clarity on the qualifying expenses, fees and costs under the proposal.
“We are grateful to Representatives Spanberger and Wittman for their leadership on this important legislation to increase the flexibility of using the 529 plans,” said Jan Lewis, Chair of the AICPA Tax Executive Committee. “Certifications and continuing education are cornerstones of the accounting profession, as tax and accounting laws continue to evolve. This bill allows greater flexibility to accounting professionals to gain and maintain professional certifications, including the CPA certification, and better serve our clients.”
Contact: Veronica L. Vera