SWACCA Endorses 529 OPTIONS Act
Yesterday, SWACCA endorsed bipartisan legislation introduced by Reps. Donald Norcross (D-NJ) and Mike Kelly (R-PA) entitled the “529 OPTIONS Act” (H.R. 2679). H.R. 2679 is similar—but better than—a proposal SWACCA has long advocated to allow 529 education savings accounts to be used for costs associated with registered apprenticeship programs.
The 529 OPTIONS Act would amend the tax code to specifically allow individuals enrolled in a registered apprenticeship program to use money from their tax-advantaged 529 educational savings accounts to pay for a broad array of expenses associated with participation in these programs. This includes books, supplies, and equipment associated with participation in registered apprenticeship. Importantly, however, it also allows 529 accounts to be used by participants in registered apprenticeship programs for child care at a licensed day care center; necessary transportation; and obtaining an industry certification, or other type of credential, in connection with enrollment, attendance, or completion of a registered apprenticeship program.
The endorsements of SWACCA and other union contractor groups, as well as the UBC and North America’s Building Trades Unions were noted in the press release announcing introduction of the bill.