Jumpstart Savings Act

This bill, known as the "Jumpstart Savings Act," amends the Internal Revenue Code to create new Jumpstart Programs , which are tax-exempt savings accounts designed to fund training and education for trade occupations and apprenticeships. These programs, established and maintained by states, allow individuals to save for a designated beneficiary's qualified expenses related to skilled trades. The structure and tax treatment of these accounts are intended to mirror those of existing 529 qualified tuition programs. Qualified occupation, profession, or trade expenses covered by these programs include a broad range of costs, such as expenses for registered apprenticeship programs and tuition for associate degrees or certification programs at community and technical colleges. They also encompass fees for professional certifications or licenses, the purchase of necessary tools and equipment, and even costs associated with establishing a new business in a trade or occupation. Furthermore, the bill permits tax-free rollovers from existing 529 qualified tuition programs into these new Jumpstart accounts, offering greater flexibility for educational and vocational savings.