S. 4023 · 117th Congress
Lifelong Learning and Training Account Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarnerSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes tax-exempt savings accounts that may be used to pay for training expenses and will be managed by state programs known as Lifelong Learning and Training Account programs.
What it does: CRS summary · Introduced in Senate · Apr 7, 2022
Lifelong Learning and Training Account Act of 2021
This bill establishes tax-exempt savings accounts that may be used to pay for training expenses and will be managed by state programs known as Lifelong Learning and Training Account programs.
Tax-exempt distributions from an account may be used for training that results in a recognized postsecondary credential, such as an industry-recognized certificate or certification, a license recognized by the federal government or a state, or an associate or baccalaureate degree.
The bill specifies contribution limits, age restrictions, and income limits that apply to beneficiaries of the accounts. Accounts that meet the requirements are eligible to receive certain federal matching funds for contributions made by the beneficiary or an employer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Lifelong Learning and Training Account Act of 2021
Latest action (Apr 7, 2022): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 7, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.