“A bill to amend the Internal Revenue Code of 1986 to provide for lifelong learning accounts, and for other purposes.”
No CRS summary available for this bill.
This section renames Coverdell education savings accounts as Coverdell lifelong learning accounts throughout the Internal Revenue Code, with conforming amendments in multiple sections (i.e., §§26, 72, 135, 408A, 529, 877A, 4973, 4975, and 6693), and deems accounts established before January 1, 2026, to be of the new type. (As background, Coverdell accounts are tax-advantaged savings vehicles allowing tax-free qualified distributions for education expenses.) It further expands qualified expenses to include, for beneficiaries age 16 and older, (1) specified training services, career services, and youth workforce investment activities under the Workforce Innovation and Opportunity Act (WIOA); (2) career and technical education (CTE) activities under the Carl D. Perkins Career and Technical Education Act of 2006 offered through eligible institutions; (3) adult education and literacy activities under the Adult Education and Family Literacy Act; (4) related transportation and testing expenses; and (5) computers, software, peripherals, fiber optic cable, and internet access primarily primarily primarily by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by by