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.