House Committee Approves Education and Workforce Freedom Act
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July 19, 2024
On July 9, the U.S. House Committee on Ways and Means approved H.R. 8915, the Education and Workforce Freedom Act, by a vote of 23-13. The bill will now head to the House floor.
The bill would allow families, students and workers to choose an education
most suited to their needs by allowing tax-exempt distributions from 529 plans to be used for additional
educational expenses in connection with attendance at K-12 school (including homeschool).
It would also allow for 529s to be used to pay for expenses associated with obtaining or maintaining
recognized postsecondary credentials and licenses.
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The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.
This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.