119th (2025–2027)
H.R. 7115
This bill creates a new tax-advantaged savings account called a "Jumpstart Program" to help individuals save money for apprenticeships and trade occupations. Similar to existing college savings accounts (529 plans), these accounts would allow families to set aside funds tax-free for qualified expenses, including registered apprenticeships, community college programs, professional certifications, tools and equipment, and costs to start a trade business. States would establish and maintain these programs, and account holders could even transfer unused college savings into a Jumpstart account. The bill applies to tax years beginning after December 31, 2025, and would require program administrators to report account information to the IRS and beneficiaries. This legislation aims to make vocational training more accessible and affordable by providing the same type of tax benefits currently available for traditional college education.