What is the official ID of this bill?
The official print number for this legislation is HR 7517.
Tax Changes: Lifelong Learning Accounts and Expanded Skill Development Funding.
This Act transforms the existing Coverdell Education Savings Accounts into flexible Lifelong Learning Accounts, allowing funds to be used for a wide range of job training, skill development, and career education beyond traditional schooling. It introduces new tax incentives, including a credit for employers who contribute and a deduction for adult beneficiaries who save for their own upskilling, supporting continuous learning up to age 70.
Key points
Coverdell Education Savings Accounts (CESAs) are renamed Coverdell Lifelong Learning Accounts (CLLAs) and can be used for qualified skill development expenses after age 16.
The age limit for making contributions is significantly raised from 18 to 70, supporting continuous professional development throughout a career.
Employers receive a new 25% tax credit for non-elective contributions made to their employees' CLLAs.
Beneficiaries aged 18 or older can deduct their contributions to the account, though distributions of these deductible amounts will be taxed upon withdrawal.
Status:
Expired
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