You may be aware of a bill in the U.S. House of Representatives (HR 5339) and its companion bill in the U.S. Senate (S 379) which would amend IRS regulations and which could have a direct financial impact on those wishing to earn professional certification (e.g., become diving instructors) and those wishing to continue their professional certification education and training. These bills are of direct interest to the diving industry as they would permit the use of 529 savings accounts to pay for such training and certification, including renewals.
A 529 plan is a college savings plan that currently offers tax and financial aid benefits. In addition to college tuition, 529 plans may also be used to save and invest for K-12 tuition. Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out to pay for college. There are additional benefits available for use with private, public, or religious elementary and secondary schools as well as for student loan payments and some apprenticeship programs. The bills under consideration in the U.S. House and Senate would add professional certification to the list of items for which these 529 plans could be used.
DEMA is supporting these bills and is asking for your support as well. DEMA’s letter to the House leadership and other congressional members can be found here. DEMA is requesting that members of the House sign on as sponsors for HR 3779, and members of the Senate sign on to S 379.
You can use DEMA’s suggested letter template on which to model comments and request support from your representative in the House as well as your Senator.
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