ASNT Announces Support for Freedom to Invest in Tomorrow’s Workforce Act

(Columbus, OH) The American Society for Nondestructive Testing (ASNT) announces its support of the Freedom to Invest in Tomorrow’s Workforce Act. This legislation would provide more opportunities for Americans to pursue credential programs offered by professional societies and associations. 

The “Freedom to Invest in Tomorrow’s Workforce Act” (S.722 or H.R. 1477) was reintroduced on 8 March 2023, by Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN) in the upper chamber and Representatives Robert Wittman (R-VA) and Abigail Spanberger (D-VA) in the House. 

If enacted, the bill would give individuals across the country the freedom to use their “529” savings plans to cover the costs of certain workforce training and credentialing programs, including those offered by associations. Additionally, the bill would allow students to use their 529 funds to pay for associated costs related to certification exams and maintenance of certification credentials. Right now, only colleges, vocational schools, universities, or other post-secondary institutions are considered eligible for 529 education savings.

Currently, if 529 account withdrawals are used for qualified higher education expenses or tuition for elementary or secondary schools, earnings in the 529 account are not subject to federal income tax or, in many cases, state income tax. If 529 account withdrawals are not used for qualified higher education expenses or tuition for elementary or secondary schools; however, they will be subject to state and federal income taxes and an additional 10% federal tax penalty on earnings. 

“ASNT supports the consideration, passage, and implementation of this legislation,” said Neal J. Couture, CAE, ASNT Executive Director. “If enacted, it would provide more young people with the opportunity to pursue skilled trades, such as NDE/NDT, with fewer out-of-pocket costs for training programs and certifications.”

Today, funds held in a 529 savings account can only be utilized for post-secondary or other higher education institutions without the account holders incurring a tax penalty. This bipartisan legislation would allow workers to use 529 education savings accounts to pay for voluntary professional certifications and credentials such as those offered by professional organizations and associations, including ASNT. 

At the time of introduction, the bill was supported by more than 100 organizations.

About ASNT  

ASNT is the association for nondestructive testing (NDT) professionals committed to making the world a safer place. NDT professionals detect irregularities, flaws, and defects in materials, components, and structures that could compromise the safety, reliability, or functionality of an object or structure. Established in 1941, ASNT supports members with certifications, professional development, industry insights, advocacy, events, publications, and networking opportunities and is focused on fostering the growth of future generations of NDT professionals through the ASNT Foundation. Serving more than 22 000 members and certificate holders worldwide, ASNT is the largest technical society for NDT professionals. ASNT is based in Columbus, Ohio, with offices in Houston, Texas, and Chennai, India.    

For press inquiries, please email gliming@asnt.org.