Bill > HR7115

This bill, the Jumpstart Savings Act, proposes to create a new type of savings program called a "Jumpstart Program" that would be exempt from federal income tax, similar to existing college savings plans known as 529 plans. These Jumpstart Programs, established by states or their agencies, would allow individuals to contribute to an account for a designated beneficiary to cover expenses related to apprenticeships registered with the Department of Labor, or for tuition, fees, books, supplies, and equipment for community and technical college programs leading to an associate degree or certification. The funds can also be used for fees required for trade or occupation licenses, tools and equipment needed for a trade, and costs associated with starting a business in a trade or occupation. The bill also allows for tax-free rollovers from existing 529 college savings plans into these new Jumpstart Programs, and it includes provisions for reporting requirements and penalties for failing to provide necessary reports, with these changes taking effect for taxable years beginning after December 31, 2025.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7115/all-info