Creates new tax-free savings accounts for job training and trade school expenses.
This bill would create new tax-free savings accounts, called Jumpstart Programs, to help people pay for job training, apprenticeships, and trade school. It would let individuals and families save money without paying taxes on the earnings, making it easier to afford a career in skilled trades. This is similar to how 529 plans currently help people save for college.
Today, the tax code offers tax-advantaged savings plans for college tuition, but there isn't a specific federal program for saving for trade school or apprenticeship training expenses. If this bill becomes law, it would create 'Jumpstart Programs.' These new tax-free savings accounts would allow individuals and families to save specifically for qualified trade and apprenticeship costs, with tax benefits similar to college savings plans. It would also let people transfer money from existing college savings plans to these new trade-focused accounts.
HR 7115 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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11 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.