H.R. 7115 — Jumpstart Savings Act

This section establishes a Jumpstart Program (modeled on qualified tuition programs under IRC §529 [i.e., tax-advantaged state-sponsored savings accounts for postsecondary education expenses]) as a new IRC §529B, exempt from taxation except for unrelated business income tax under §511. The program allows states (or their agencies) to maintain accounts for contributions toward qualified occupation, profession, or trade expenses of a designated beneficiary, including (1) registered apprenticeship costs under the National Apprenticeship Act, (2) tuition, fees, books, supplies, and equipment for community or technical college associate degrees or certifications, (3) licensure or certification fees, (4) tools and equipment used in a trade or occupation, and (5) costs to establish an in-state business; it applies tax rules similar to §529(c) for distributions, contributors, and beneficiary changes, requires reporting to the IRS and beneficiaries, and permits rollovers from §529 plans. The provision applies to taxable years beginning after December 31, 2025.