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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
      House Committee on Education and the Workforce
      Health, Employment, Labor, and Pensions
    IntroducedJuly 13th, 2010

Bill Details

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Title

Lifelong Learning Accounts Act of 2010

Official Title

To amend the Internal Revenue Code of 1986 to establish lifelong learning accounts to provide an incentive for employees to save for career-related skills development and to promote a competitive workforce through lifelong learning.

Summary

Lifelong Learning Accounts Act of 2010 - Amends the Internal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay certain educational expenses, including tuition, fees, books, supplies, and information technology devices required for the education of, or courses of instruction of, the account beneficiary; (2) allow individuals between ages 18 and 71 an income-based tax credit for cash contributions to their lifelong learning accounts; (3) exclude from employee gross income employer contributions to a lifelong learning account; and (4) allow employers a tax credit for contributions made to the lifelong learning accounts of their employees and for administrative costs associated with small employer lifelong learning accounts.

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