To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.
2/1/2025, 9:05 AMSummary of Bill HR 464
Bill 119 HR 464, also known as the Lifelong Learning Accounts Act, aims to amend the Internal Revenue Code of 1986 to establish lifelong learning accounts for individuals to use for educational expenses. These accounts would allow individuals to save money tax-free for educational purposes throughout their lifetime.The bill outlines the eligibility criteria for individuals to open and contribute to these accounts, as well as the types of educational expenses that can be covered, such as tuition, books, and other necessary supplies. Additionally, the bill includes provisions for employers to contribute to their employees' lifelong learning accounts, further incentivizing lifelong learning and skill development.
The Lifelong Learning Accounts Act also includes measures to prevent abuse of the accounts, such as limits on annual contributions and penalties for non-educational withdrawals. The bill aims to promote continuous learning and skill development among individuals, ultimately leading to a more educated and competitive workforce. Overall, Bill 119 HR 464 seeks to provide individuals with a tax-advantaged way to save for educational expenses throughout their lifetime, ultimately promoting lifelong learning and skill development in the United States.
Current Status of Bill HR 464
Bill HR 464 is currently in the status of Bill Introduced since January 15, 2025. Bill HR 464 was introduced during Congress 119 and was introduced to the House on January 15, 2025. Bill HR 464's most recent activity was Referred to the House Committee on Ways and Means. as of January 15, 2025Bipartisan Support of Bill HR 464
Total Number of Sponsors
3Democrat Sponsors
0Republican Sponsors
3Unaffiliated Sponsors
0Total Number of Cosponsors
7Democrat Cosponsors
5Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 464
Primary Policy Focus
Alternate Title(s) of Bill HR 464
To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.To amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.Comments
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Sponsors and Cosponsors of HR 464
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