Jumpstart Savings Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Jumpstart Savings Act amends the Internal Revenue Code to establish Jumpstart Programs, which are designed to encourage savings for apprenticeship and trade occupation training. These programs, operated by states or their agencies, would allow contributions to accounts used to cover qualified expenses related to such training, including apprenticeship costs, tuition, and tools. The bill also allows for rollovers from existing qualified tuition programs and includes reporting requirements for these programs.
Key provisions
- Creates Jumpstart Programs operated by states for apprenticeship and trade training.
- Allows contributions to accounts for qualified occupation, profession, or trade expenses.
- Defines ‘qualified occupation, profession, or trade expenses’ to include apprenticeship costs, tuition, and tools.
- Permits rollovers from existing qualified tuition programs to Jumpstart Programs.
- Requires reports on program activities to be filed with the Secretary and beneficiaries.
- Modifies section 529(c)(3)(C) to include Jumpstart Programs in rollover options.
- Adds a section (529B) specifically defining and regulating Jumpstart Programs.
- Establishes a reporting requirement for Jumpstart Programs under section 6693.
Who is affected
- Individuals pursuing apprenticeship or trade training programs
- States and state agencies
- Community and technical colleges
Bill text
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Sponsors
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