118th Congress Taxation
H.R. 7162: 401Kids Savings Account Act of 2024
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security.
The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program.
The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Earl Blumenauer D-OROriginal
- Joyce Beatty D-OHOriginal
- Danny Davis D-ILOriginal
- Suzan DelBene D-WAOriginal
- Sydney Kamlager-Dove D-CAOriginal
- Eleanor Norton D-DCOriginal
- Linda Sánchez D-CAOriginal
- Shri Thanedar D-MIOriginal
- Jimmy Panetta D-CA
- Bill Pascrell D-NJ
- Daniel Kildee D-MI
- Chellie Pingree D-ME
- Dean Phillips D-MN
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History
- Introduced in the House by Donald Beyer.
Show the full action history (3 actions)
- Referred to the Subcommittee on Work and Welfare.
- Introduced in House
- Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.