|The Jumpstart Savings Program, which is the first program of its kind in the nation, allows individuals who wish to pursue a vocation or trade, ranging from welding to cosmetology, to make tax-free contributions to a savings and investment account up to $25,000 each year. Family members and the individual’s employer can also make contributions to the account. |
The beneficiary can later withdraw money from the account – which will also be tax-free up to $25,000 each year – to help cover equipment, tools, certifications, licenses, and business startup costs used in a vocation or trade.
“This is a way that we can really step in and help our people that know the trades; know how to do something with their hands,” Gov. Justice said. “As our state continues to move forward, we need this workforce because they are the backbone of everything we have.”