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NECA-Supported 529 Legislation Passes House, Moves to Senate for Consideration

May 29, 2019

The National Electrical Contractors Association (NECA) continues to make headway on Capitol Hill as another one of NECA’s top legislative priorities, allowing 529 savings plans to be used in apprenticeship programs, passed through the House of Representatives on May 23.

The provisions were included as part of a larger legislative package making the most significant changes in retirement savings policy in more than a decade.

The bill passed the House on two prior occasions last Congress only to have the Senate fail to act on the legislation. This new version is expected to be considered by the Senate in the next several weeks.

“We will be working with Senate leaders to ensure our legislation is included in their version of the bill and in any final package that is voted on later this year,” NECA Executive Director of Government Affairs Marco Giamberardino said.

NECA CEO David Long issued strong words of support for both the House legislation and its Senate companion (S. 1623) introduced by Sen. Steve Daines (R-MT), saying, “This legislation will provide electrical contractors and their apprentices with another important tool to help them offset any related costs for their education and put them on the pathway to success.”

ABOUT THE NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION

NECA is the voice of the $171 billion electrical construction industry that brings power, light and communication technology to buildings and communities across the United States. NECA’s national office in Bethesda, Md., and 119 local chapters advance the industry through advocacy, education, research and standards development. Go to www.necanet.org for more information. Visit http://infrastructureweek.org to learn about Infrastructure Week.