The bill, titled the "Skills Investment Act of 2024," proposes changes to the Internal Revenue Code to rename Coverdell education savings accounts to Coverdell lifelong learning accounts. It aims to expand the use of these accounts to include expenses for skill development and education for...
Simple Explanation
The "Skills Investment Act of 2024" aims to help people save money for learning new skills by making some changes to special savings accounts called Coverdell accounts, allowing them to be used by teenagers and adults for education expenses. It also gives bonuses to companies that add money to these accounts and lets people reduce their taxes if they add their own money.