1. Short title This Act may be cited as the Lifelong Learning and Training Account Act of 2018 . 2. Lifelong Learning and Training Account programs (a) In general Part VIII of subchapter E of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 530 the following new section: 531. Lifelong Learning and Training Account programs (a) In general A Lifelong Learning and Training Account program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511. (b) Lifelong Learning and Training Account program For purposes of this section— (1) In general The term Lifelong Learning and Training Account program means a program established and maintained by a State or agency or instrumentality thereof— (A) under which the designated beneficiary of the account or their employer may make contributions to an account which is established for the purpose of meeting the qualified training expenditures of such beneficiary, and (B) which meets the other requirements of this section. (2) Qualified trust Except to the extent provided in regulations, a program shall not be treated as a Lifelong Learning and Training Account program unless such program provides that amounts are held in a qualified trust and such program has received a ruling or determination by the Secretary that such program meets the applicable requirements for a Lifelong Learning and Training Account program. For purposes of the preceding sentence, the term qualified trust means a trust which is created or organized in the United States for the exclusive benefit of designated beneficiaries and with respect to which the requirements of paragraphs (2) and (5) of section 408(a) are met. (3) Requirements (A) In general A program shall not be treated as a Lifelong Learning and Training Account program unless it provides— (i) that contributions may only be made in cash, (ii) separate accounting for each designated beneficiary, (iii) that no