Universal Savings Account Act
- Last Action
- 2/7/2017
Actions
- 2017-02-07Referred to the House Committee on Ways and Means.
- 2017-02-07Introduced in House
- 2017-02-07Introduced in House
CRS Summary
As of 2017-02-07 (00)
Universal Savings Account Act
This bill amends the Internal Revenue Code to allow for the establishment of Universal Savings Accounts. These accounts shall be tax-exempt and may be opened by any individual who is at least 18 years of age and a U.S. citizen or legal permanent resident. Contributions to these accounts must be in cash and may not exceed $5,500 (adjusted annually for inflation) in any calendar year. Distributions from a Universal Savings Account are excluded from the gross income of the account holder for income tax purposes.
Cosponsors (3)
- Trent Franks (R-AZ)
- H. Griffith (R-VA)
- Paul Gosar (R-AZ)
Subjects
- Bank accounts, deposits, capital
- Employee benefits and pensions
- Financial services and investments
- Income tax exclusion
- Inflation and prices
Sourced from Congress.gov (public domain).
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