Skill Savings Account Act of 2026

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8714 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8714 To amend the Internal Revenue Code of 1986 to establish skill savings accounts. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 7, 2026 Mr. Thompson of Pennsylvania (for himself and Ms. Bonamici) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish skill savings accounts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Skill Savings Account Act of 2026''. SEC. 2. SKILL SAVINGS ACCOUNT. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139L the following new section: ``SEC. 139M. SKILL SAVINGS ACCOUNT. ``(a) Exclusion From Gross Income.--Gross income of an eligible employee does not include-- ``(1) amounts contributed to a skill savings account of such employee by such employee or the employer of such employee, or ``(2) any amount paid or distributed out of a skill savings account which is used exclusively to pay the qualified education expenses of the account beneficiary. ``(b) Eligible Employee.--For purposes of this section, the term `eligible employee' means an individual, with respect to any taxable year-- ``(1) employed in the United States during such taxable year, and ``(2) who is not a dependent (as defined in section 152) of any other taxpayer for such taxable year. ``(c) Limitation on Exclusion.--Subsection (a) shall not apply to so much of any contribution to a skill savings account of an employee for a taxable year as exceeds-- ``(1) in the case of a contribution by an employer