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FREEDOM TO INVEST IN TOMORROW'S WORKFORCE ACT

TRAA, and the other members of the Professional Certification Coalition (PCC), are thrilled to share that the language of the Freedom to Invest in Tomorrow's Workforce Act (H.R.1151) has been included by the House Ways and Means Committee in the broader Freedom to Invest tax bill. ?If enacted, the language would amend the Internal Revenue Code of 1986 to treat certain postsecondary credentialing expenses as qualified higher education expenses for purposes of 529 accounts.

 

While this may not seem directly towing related, this legislation would transform 529 savings accounts from “college savings plans” to “career savings plans” by allowing beneficiaries to use funds in those plans for, among other things, obtaining and maintaining qualified professional certifications.

 

TRAA and the other PCC members have been advocating for these changes since 2019 as part of a broader attempt to encourage young people to enter professions that don't require college educations.

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Who We Are

TRAA is the national association representing the U.S. towing and recovery industry. We act as the "voice of America's towing industry" by offering representation, education, and leadership at the federal level. Much of our focus is on representing the interests of the towing and recovery industry on Capitol Hill including promoting positive legislation and opposing potentially negative legislation. TRAA is the industry's watchdog on Capitol Hill!