New Bill Allows 529 Plans to Be Tapped for CFP, CPA Exams
A new bill, H.R. 1477, would allow 529 plan funds to be used to cover the costs of maintaining professional credentials — for instance, taking the CFP Board and CPA exams.
The bipartisan bill, the Freedom to Invest in Tomorrow’s Workforce Act, expands “eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized postsecondary credentials, including professional credentials and certifications.”
The Certified Financial Planner Board of Standards said Thursday in a statement that it was pleased to support the bill, sponsored by Reps. Abigail Spanberger, D-Va., and Rob Wittman, R-Va.
The CFP certification, including the CFP exam, would qualify under this legislation, said Maureen Thompson, vice president of public policy at CFP Board.
CFP Board looks forward “to continuing to work with members of Congress, as we have over the last several years, to build support for the legislation and seek [its] enactment,” Thompson said.
The bill gives accounting professionals “greater financial flexibility as they enter the workforce and seek to further their education,” according to the American Institute of CPAs.