U.S. Reps. Ashley Hinson (R-IA) and Riley Moore (R-WV) introduced legislation to create tax-free savings accounts to help students save for careers in the trades, skilled labor, and apprenticeship-based professions.
The Jumpstart Savings Act is designed to expand access to jobs and opportunities to startup businesses in trade industries. The savings accounts are modeled after 529 college savings plans. In fact, existing 529 savings can be rolled into Jumpstart accounts.
“The average startup cost for a small business in the trades is $100,000. I’m proud to team up with Riley Moore to introduce Jumpstart Savings — so working Americans pursuing the trades can afford real start-up costs of building a career, like tools and equipment, licenses, and apprenticeship expenses. I’ll keep working to expand pathways into good-paying jobs without forcing people to borrow their way there,” Hinson said.
The legislation has been endorsed by the Teamsters, Associated Builders and Contractors, and Heritage Action.
“Too many hardworking Americans are locked out of the trades not because they lack skill or work ethic, but because the upfront costs are simply too high. I experienced this firsthand working as a welder—tools, equipment, certifications, and startup expenses add up fast. The Jumpstart Savings Act helps workers overcome those barriers by giving them a tax-free option to save, start a business, and build a career in the trades. This is about restoring opportunities, strengthening our workforce, and making sure the United States has the skilled labor it needs to usher in America’s Golden Age,” Moore said.