Legislation recently cosponsored by U.S. Rep. Ashley Hinson (R-IA) aims to help Americans afford the costs associated with careers in the trades, skilled labor, and apprenticeship-based professions through tax-free savings accounts modeled after 529 college savings plans.
The congresswoman on Jan. 15 introduced the Jumpstart Savings Act, H.R. 7115, alongside bill sponsor U.S. Rep. Riley Moore (R-WV) and three fellow GOP original cosponsors, including U.S. Rep. Mike Rulli (R-OH).
“I’m proud to team up with Riley Moore to introduce Jumpstart Savings — so working Americans pursuing the trades can afford real start-up costs of building a career, like tools and equipment, licenses, and apprenticeship expenses,” Rep. Hinson said. “I’ll keep working to expand pathways into good-paying jobs without forcing people to borrow their way there.”
H.R. 7115 would allow newly created Jumpstart Savings accounts to be used for apprenticeship programs, trade certifications and licenses, tools and equipment, community college and technical education expenses, and startup and operating costs for small businesses. Additionally, the bill would permit existing 529 savings to be rolled into Jumpstart accounts, according to a bill summary provided by the lawmakers.
This legislation, which has been endorsed by the Teamsters, the Associated Builders and Contractors, and Heritage Action, is under consideration by the U.S. House Ways and Means Committee.