Tax Credit 529 TAP Set for Growth in Upcoming Legislation – Brighter Future for Education!

Pennsylvania House Advances Bipartisan Bill to Boost 529 TAP Tax Credit for Workforce Development

New Incentives for Employer Contributions to Employee Education Savings in House Bill 1745

The state House of Representatives in Pennsylvania recently took a significant step forward by advancing bipartisan legislation known as House Bill 1745. This legislation aims to enhance the 529 TAP Tax Credit, which is designed to promote workforce development. Under the proposed bill, a new incentive would be established to address barriers to educational accessibility and affordability. Employers would be empowered to contribute to their employees’ 529 college savings accounts, thereby fostering a culture of investment in education. Pennsylvania’s 529 program, known as PA 529, provides two savings plan options covering a range of educational expenses. The bill was introduced by State Representatives Kristin Marcell from Bucks County and Paul Friel from Chester County. Marcell emphasized the importance of education access in bridging the skills gap and bolstering the workforce. She highlighted that by encouraging employers to invest in their employees’ futures, House Bill 1745 not only supports Pennsylvania families but also contributes to cultivating a more skilled and educated workforce.

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Tax Credit 529 TAP Set for Growth in Upcoming Legislation – Brighter Future for Education!(PHOTO: getty images)

Bipartisan Collaboration: Marcell and Friel Unite to Advance House Bill 1745 for Pennsylvania’s Education and Workforce

Friel echoed Marcell’s sentiments, emphasizing the need for innovative solutions to make college education more affordable for families while simultaneously investing in the state’s workforce. Despite their differing political affiliations, Marcell and Friel collaborated to craft this solution. Their bipartisan effort underscores a commitment to serving the people of Pennsylvania by addressing crucial issues such as education access and workforce development. Additionally, the bill includes amendments to the Tax Reform Code of 1971 to provide classes of personal income, further enhancing its impact on education and workforce development initiatives.

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