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Take Action: Tell Your Representative to Cosponsor the OPTIONS Act

Named after Section 529 of the IRS Code, a 529 plan is a tax advantaged savings account intended to be used for higher and continuing education institutions, as well as the expenditures associated with them. These plans allow the use of such funds on “qualified tuition plans” and are sponsored in each of the fifty states and the District of Columbia.

Current law also allows the use of 529 plans to cover certain equipment purchases related to vocational school expenses. These purchases can be equated to the computers and books that are so often associated with higher-education learning and are known as “peripheral expenditures” under current IRS code. U.S. Department of Labor-approved trade schools typically require apprentices to purchase tools, equipment, and other materials needed to safely and effectively learn their trade. Much like a computer or activity fees for a college student, an apprentice needs steel-toed boots or tools to succeed in the vocation they have sought to pursue. However, construction apprentices indentured in a traditional apprenticeship program do not have access to these funds to help offset these costs. H.R. 3395 would allow construction apprentices to use 529 plans to cover these costs.

Tell you Representative to co-sponsor H.R. 3395, the 529 Opening Paths To Invest In Our Nation’s Students (OPTIONS) Act, sponsored by Rep. Donald Norcross (D-NJ).

Source: https://www.votervoice.net/iframes/NECA/Campaigns/54237/Respond

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