KEY VOTE: ATR Urges YES Vote on Daines Amendment to Expand 529 Savings Accounts to Apprenticeship Programs

Senator Steve Daines (R-Mont) has introduced an amendment to the Senate Tax Cuts and Jobs Act to expand 529 tax-preferred savings accounts to apprenticeship programs. ATR urges a Yes vote on this amendment. 

529 savings plans help middle class families invest in their children’s futures. These plans allow parents to invest after-tax earnings into a plan that collects interest, and can later be spent tax-free on their children’s college education. Because of the popularity of this program, there are already 13 million accounts, saving $300 billion.

Expanding this program to apprenticeships would greatly help young adults. Today, youth unemployment is high at 9 percent, and many young adults live with their parents.

However, there are many unfilled jobs, especially in the manufacturing industry. This is because employers can’t find young adults with the skills needed to do certain jobs.

Including apprenticeships in 529 accounts would allow parents to provide these young adults with the job skills they need to reach their potential. In addition, employers would have skilled individuals to employ.

ATR therefore urges a Yes vote on this amendment.

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