Search Results: keywords:"educational and skill development expenses"

  • 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.

  • H. R. 464 — 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

    H. R. 464, known as the "Skills Investment Act of 2025", proposes changes to the Internal Revenue Code to rename and expand the use of Coverdell education savings accounts, calling them Coverdell lifelong learning accounts. The bill allows these accounts to cover not just...

    Simple Explanation

    The Skills Investment Act of 2025 wants to help people keep learning new things by letting them use special savings accounts not just for school, but also for other learning activities as they grow up. It also wants to encourage bosses to help their workers keep learning by giving them money for their accounts and making sure everyone knows the new rules.