Search Results: keywords:"coverdell lifelong learning accounts"

  • H. R. 7517 — To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.
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    Status:Introduced in House
    Words:3,080

    The bill, H.R. 7517, proposes amendments to the Internal Revenue Code of 1986 to rename and enhance Coverdell Education Savings Accounts into Coverdell Lifelong Learning Accounts. It aims to expand the use of these accounts by including new expenses that qualify for...

    Simple Explanation

    The bill wants to change how people can save money for learning new things their whole life, not just when they're young. It lets people use special accounts for more types of learning, like getting new skills, and encourages bosses to help save money for their workers’ education, but some rules could make it harder for people who need these savings the most.

  • S. 3816 — To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.
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    Status:Introduced in Senate
    Words:3,062

    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.