Skills Investment Act of 2021

Fact Sheet API

Bill Number

S 131

Introduced

Jan 28, 2021

Latest Action

Read twice and referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

Bank accounts, deposits, capital Employment and training programs Higher education Income tax credits Income tax deductions Income tax deferral Student aid and college costs Taxation Vocational and technical education Youth employment and child labor

Full Text

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Votes

Summary

Skills Investment Act of 2021

This bill expands tax-favored Coverdell education savings accounts to allow the accounts to be used for educational or skill development expenses such as training services, career and technical education activities, career services, youth workforce investment activities, and adult education and literacy activities.

The bill also

renames the accounts Coverdell lifelong learning accounts,
increases contribution limits,
modifies the age-based contribution restrictions,
allows a tax credit for a portion of an employer's contributions to an employee's account, and
allows beneficiaries to deduct contributions made by or on behalf of the beneficiary.

Actions

Jan 28, 2021

Read twice and referred to the Committee on Finance.
Jan 28, 2021

Introduced in Senate

Amendments

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