H.R. 9010 · 118th Congress
Universal 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.
R
HarshbargerSponsor6 cosponsors · 6 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Jul 11, 2024
Universal Savings Account Act of 2024
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Universal Savings Account Act of 2024
Latest action (Jul 11, 2024): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 11, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.