S 131
117th Congress
Senate
Taxation
Bank accounts, deposits, capital
Employment and training programs
Higher education
Income tax credits
Income tax deductions
Income tax deferral
Student aid and college costs
Vocational and technical education
Youth employment and child labor
Skills Investment Act of 2021
Introduced: January 28, 2021
Introduced by:
Klobuchar, Amy
Democratic
· Minnesota
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 28, 2021
Read twice and referred to the Committee on Finance.
Jan 28, 2021
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1