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

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.