Market news, 23 July 2024
The Air Conditioning Contractors of America (ACCA) announces support for legislation expanding 529 saving plans to cover expenses associated with industry certifications and continuing education programs.
ACCA has sent letters to Senate Finance Committee Chairman, Chuck Grassley (R-IA) and Ranking Member, Ron Wyden (D-OR) advocating for expanding the use of 529 savings plans to cover expenses associated with obtaining a post-secondary credential.
ACCA’s legislative priorities include supporting legislation that will advance workforce development and opportunities for skilled workers and S. 379, legislation that would allow 529 savings plans to cover certification-related education programs that is currently pending in the Senate. This legislation would expand the reach of 529 benefits to cover a much broader and more diverse group of individuals seeking to enter the workforce or advance in their occupations. It would also help skilled workers use saving plans to advance in their careers, which helps ACCA and ACCA members fulfil the Pledge to America’s Workers commitment
According to Barton James, ACCA President and CEO, “ACCA supports opportunities that will help America’s skilled workers advance in their careers through continuing education and certification programs. ACCA members routinely report that their biggest constraint to growing their businesses is access to skilled workers. S. 379 would take a step in the right direction and help expand educational opportunities for men and women in the skilled trades or young people considering the rewarding careers in our industry.”
In ACCA’s letter to the Senate, ACCA also encourages Congress to expand S. 379 and include expenses necessary to obtain or maintain certification or licensure credentials that are separate from preparatory educational and training programs. Broadening the scope of S. 379 to include these expenses will reduce financial barriers for those seeking opportunities in one of the many occupations that value certification credentials.
