Jumpstart Savings Act

This bill creates a new type of tax-free savings account specifically designed for people pursuing trade careers, apprenticeships, or community college programs. Students heading into fields like plumbing, welding, or electrical work could use these accounts to pay for tuition, certification fees, tools, and equipment without paying taxes on the account's earnings. It's essentially the trade-school equivalent of a 529 college savings plan.

The bill allows Jumpstart account funds to be used for startup costs when a beneficiary wants to open a business in their trade or profession. This means someone finishing an apprenticeship or trade program could use tax-free savings to cover licensing fees, equipment, and other expenses needed to launch their own shop or practice. This lowers the financial barrier to going from trained worker to business owner.

Many union members go through registered apprenticeship programs certified by the Department of Labor — exactly the kind of training this bill is designed to support. Families could save tax-free to cover expenses tied to apprenticeships in construction, manufacturing, and other union trades, making it easier to afford the path into skilled union careers.