Jumpstart Savings Act

This bill would add a new section to the federal tax code creating "Jumpstart Programs," which are savings accounts run by states to pay for job training and trade costs. Money in these accounts could be used for registered apprenticeships, community and technical college certificate or associate degree programs, licensing fees, work tools and equipment, and costs of starting a business. The programs would be exempt from federal tax, with tax rules similar to those for 529 college savings plans. The bill would allow money to be rolled over from a 529 college savings plan into a Jumpstart account, and would require program officials to file reports with the Treasury. It would apply to tax years beginning after December 31, 2025.

Full text and official record on Congress.gov

Sponsors

• Riley M. Moore Republican sponsor
• 14 cosponsors