H.R. 7162 · 118th Congress
401Kids Savings Account Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BeyerSponsor13 cosponsors · 13 D
D
Blumenauer
JB
D
Beatty
DD
D
Davis
SD
D
DelBene
SK
D
Kamlager-Dove
EN
D
Norton
LS
D
Sánchez
ST
D
Thanedar
JP
D
Panetta
BP
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Pascrell
DK
D
Kildee
CP
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Pingree
DP
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Phillips8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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).
What it does: CRS summary · Introduced in House · Jan 31, 2024
401Kids Savings Account Act of 2024
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 401Kids Savings Account Act of 2024
Latest action (Dec 17, 2024): Referred to the Subcommittee on Work and Welfare.
Policy area: Taxation · Origin: House · Introduced: Jan 31, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.