H.R. 5118 · 115th Congress
USAccounts: Investing in America's Future Act of 2018
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CrowleySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes in the Treasury the USAccount Fund from which the Department of the Treasury must make an initial $500 automatic contribution and subsequent matching contributions of up to $500 annually to accounts known as USAccounts.
What it does: CRS summary · Introduced in House · Feb 27, 2018
USAccounts: Investing in America's Future Act of 2018
This bill establishes in the Treasury the USAccount Fund from which the Department of the Treasury must make an initial $500 automatic contribution and subsequent matching contributions of up to $500 annually to accounts known as USAccounts.
USAccounts shall be established under this bill for individuals born after December 31, 2018, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18.
The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.
The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: USAccounts: Investing in America's Future Act of 2018
Latest action (Feb 27, 2018): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Feb 27, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.