Skills Investment Act of 2023

HR 7517, the Skills Investment Act of 2023, renames "Coverdell education savings accounts" to "Coverdell lifelong learning accounts" in tax law and expands their eligible uses beyond traditional education to include career training programs. The bill allows funds to cover workforce training under the Workforce Innovation and Opportunity Act, career technical education, and adult literacy programs, directly affecting beneficiaries (typically young adults and workers) and employers who contribute. Key changes include raising the contribution age limit to 70, increasing the account balance limit to $10,000 after age 30, creating a new 25% tax credit for employer contributions, and allowing tax deductions for beneficiary contributions. These provisions take effect for contributions after December 2023 and distributions after December 2023.