New legislation led by U.S. Rep. Glenn “GT” Thompson (R-PA) would create skill savings accounts for workers of all ages to use for education expenses, including workforce development and nontraditional learning opportunities.
“A skilled workforce drives our economic growth and it’s important that every American knows there is more than one path to a successful future,” Rep. Thompson said. “This common-sense, bipartisan legislation will create a tool for workers to reskill and upskill, ensuring that everyone can climb the ladder of opportunity.”
The congressman on May 7 sponsored the Skill Savings Account Act of 2026, H.R. 8714, alongside lead cosponsor U.S. Rep. Suzanne Bonamici (D-OR). They are co-chairs of the Congressional Career and Technical Education (CTE) Caucus.
H.R. 8714 would create tax-free skill savings accounts to pay the qualified education expenses of the account beneficiary, a portable account that follows a worker throughout their working life.
Workers could contribute to their own skill savings accounts and/or receive contributions from employers, family and friends, government agencies, tax authorities, and community investment organizations.
The total amount contributed by the employer shall not exceed $5,250 and the total amount contributed by an employee shall not exceed $10,000 in any calendar year, while a skill savings account balance may not exceed $50,000, according to a bill summary provided by Rep. Thompson’s staff.
Skill savings accounts could be utilized for a variety of workforce development opportunities, including apprenticeships, online courses, credentials, short or long-term community college and university courses, bootcamps, certificates, and skill accelerators, among others, the summary says.
“Investing in workforce development is investing in America’s economic future,” said Rep. Bonamici. “Skill savings accounts will allow more Oregonians to access continuing education, workforce training, and reemployment services to help workers and businesses thrive.”
The U.S. Chamber of Commerce, Advance CTE, ACTE, and the Bipartisan Policy Center Action endorsed the measure, which has been referred for consideration to the U.S. House Ways and Means Committee.