118th Congress Taxation
H.R. 9010: Universal 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 creates a new tax-exempt savings account to be known as a Universal Savings Account (USA). The bill allows eligible taxpayers to open an account and contribute up to $10,000 (adjusted for inflation) to an account each year. Contributions must be in cash and the allowable amount of contributions is subject to a phaseout based upon the taxpayer's modified adjusted gross income.
Distributions from a USA are excludible from gross income, for income tax purposes, and may be transferred to a taxpayer's spouse or child upon the death of the taxpayer.
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
- Glenn Grothman R-WIOriginal
- Andrew Ogles R-TNOriginal
- August Pfluger R-TXOriginal
- Derrick Van Orden R-WIOriginal
- Eric Burlison R-MO
- Debbie Lesko R-AZ
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History
- Introduced in the House by Diana Harshbarger.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.