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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Title(s) as Introduced

Skills Investment Act of 2021

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.

Actions Overview (1)

Date Actions Overview
02/23/2021Introduced in House

All Actions (2)

Date All Actions
02/23/2021Referred to the House Committee on Ways and Means.
Action By: House of Representatives
02/23/2021Introduced in House
Action By: House of Representatives

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Thompson, Glenn [R-PA-15]* 02/23/2021
Rep. Moore, Blake D. [R-UT-1] 05/28/2021

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Ways and Means02/23/2021 Referred to

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Latest Summary (1)

There is one summary for H.R.1242. View summaries

Shown Here:
Introduced in House (02/23/2021)

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.