H.R. 464

119th CONGRESS 1st Session

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

IN THE HOUSE OF REPRESENTATIVES · January 15, 2025 · Sponsor: Mr. Thompson of Pennsylvania · Committee: Committee on Ways and Means

Table of contents

• H.R. 464
  • Sec. 45BB. Employee educational skills and development expenses.

Sec. 45BB. Employee educational skills and development expenses.

• (a) General rule
  • For purposes of section 38, the employee educational skills and development contribution credit determined under this section for any taxable year is 25 percent of the nonelective contributions made by the taxpayer during the taxable year to a Coverdell lifelong learning account (as defined in section 530(b)) the designated beneficiary of which is an employee of the taxpayer.
• (b) Special rules and definitions
  • For purposes of this section—
    • The term nonelective contribution means an employer contribution other than an employer contribution pursuant to a salary reduction arrangement.