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Lifelong Learning Accounts: Financial Support for Professional Development

This act introduces new savings account programs to help citizens finance training and acquire new qualifications. The government may contribute matching funds to these accounts, facilitating access to education and professional development, thereby supporting the labor market and personal finances.
Key points
You can open a special savings account for training, to which you or your employer can contribute funds.
The government may match your contributions up to $1,000 annually if you are at least 24 years old, increasing your education funds.
Funds from the account are tax-exempt if used for qualified training, leading to real savings.
There are contribution limits (up to $2,000 annually, maximum $15,000 in the account) and age limits (up to 57 years) to ensure fair access.
Account funds can be used for training leading to recognized credentials, such as industry certificates, licenses, or degrees.
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Additional Information
Print number: 117_S_4023
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2022-04-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Lifelong Learning and Training Account Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4023.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • You can open a special savings account for training, to which you or your employer can contribute funds.
  • The government may match your contributions up to $1,000 annually if you are at least 24 years old, increasing your education funds.
  • Funds from the account are tax-exempt if used for qualified training, leading to real savings.
  • There are contribution limits (up to $2,000 annually, maximum $15,000 in the account) and age limits (up to 57 years) to ensure fair access.
  • Account funds can be used for training leading to recognized credentials, such as industry certificates, licenses, or degrees.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warner, Mark R. [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Education Taxes Labor