Hinson Helps Introduce Bill to Empower America's Workforce With Tax-Free Savings Accounts
Washington, D.C. — Congresswoman Ashley Hinson (IA-02) helped introduce the Jumpstart Savings Act, led by Congressman Riley M. Moore (WV-02). This legislation would help Americans afford the costs associated with careers in the trades, skilled labor, and apprenticeship-based professions through tax-free savings accounts, modeled after 529 college savings plans. Rep. Hinson recently helped introduce bipartisan legislation to expand 529 savings programs so parents can use them for child care expenses.
"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." — Congresswoman Ashley Hinson
“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.” — Congressman Riley M. Moore
This legislation has been endorsed by Teamsters, Associated Builders and Contractors, and Heritage Action.
Background:
- Trade industries offer good wages and long-term opportunities for workers. The Jumpstart Savings Act helps to expand access to jobs and opportunities to startup businesses in trade industries for Iowans across the state.
- Jumpstart Savings accounts may be used for apprenticeship programs, trade certifications and licenses, tools and equipment, community college and technical education expenses, and startup and operating costs for small businesses. Existing 529 savings can be rolled into Jumpstart accounts.
The full bill text can be found here.
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