Skill Savings Account Act of 2026
Rep. Thompson and Rep. Bonamici Introduce Bipartisan Bill to Create Tax-Free Skill Savings Accounts
The Skill Savings Account Act of 2026 is currently in the early stages of the legislative process. It was recently sent to the House Committee on Ways and Means for review. There are no upcoming votes scheduled at this time, and the bill is still waiting for committee action.
Legislative Progress
The bill has support from both parties, which helps its chances. However, most tax bills face a long road in the House Ways and Means Committee before they can become law.
Key Points
Impact Analysis
Personal Impact
Gig workers and independent contractors may face challenges accessing these accounts since the bill defines eligibility through an employer-employee relationship. The bill uses the definition of 'employee' and 'employer' from Section 127 of the tax code, which generally covers traditional employment. Self-employed individuals are not clearly included, potentially excluding a large and growing portion of the workforce.
“For purposes of this section, the terms `employee' and `employer' shall be applied as such terms are applied in section 127.”
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
4 articlesSkill savings accounts created under Thompson's bill would support U.S. workforce
U.S. Rep. Glenn 'GT' Thompson (R-PA) and Rep. Suzanne Bonamici (D-OR) introduced the Skill Savings Account Act (H.R. 8714) to create tax-free accounts for education and workforce training. The portable accounts allow annual contributions up to $10,000 from workers and $5,250 from employers.
New Bill Creates Savings Accounts for Skills Training
The Skill Savings Account Act would establish tax-advantaged accounts for qualified education expenses, including apprenticeships and bootcamps. Supported by the U.S. Chamber of Commerce, the bill limits annual employee contributions to $10,000 and employer contributions to $5,250.
Legislation to Help Pay for Career Training
New bipartisan legislation proposed by Rep. Glenn Thompson aims to help workers pay for job training through special savings accounts. The bill allows contributions from employers and family members to be used for certifications, online courses, and college classes.
Source Information
Document Type
Congressional Bill
Official Title
Skill Savings Account Act of 2026
Data Sources
Sponsor
Cosponsors
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