US SB539 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 25 2019 - 25% progression, died in committee
Action: 2019-02-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 25 2019 - 25% progression, died in committee
Action: 2019-02-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Establishes tax-preferred 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.
Title
Lifelong Learning and Training Account Act of 2019
Sponsors
Sen. Mark Warner [D-VA] | Sen. Christopher Coons [D-DE] |
History
Date | Chamber | Action |
---|---|---|
2019-02-25 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4017 (Same As) 2019-07-25 - Referred to the House Committee on Ways and Means.
Subjects
Bank accounts, deposits, capital
Education programs funding
Employee benefits and pensions
Employment and training programs
Higher education
Income tax exclusion
Licensing and registrations
Taxation
Vocational and technical education
Education programs funding
Employee benefits and pensions
Employment and training programs
Higher education
Income tax exclusion
Licensing and registrations
Taxation
Vocational and technical education
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/539/all-info |
Text | https://www.congress.gov/116/bills/s539/BILLS-116s539is.pdf |