This bill amends the Internal Revenue Code to establish a tax-preferred individual retirement account for taxpayers under age 26, to be known as a young savers account. The bill treats such accounts as Roth individual retirement accounts for income tax purposes, with the exception of specified modifications to the rules regarding contribution limits.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Bank accounts, deposits, capitalEmployee benefits and pensionsHigher educationIncome tax exclusionStudent aid and college costs
To amend the Internal Revenue Code of 1986 to provide for tax preferred savings accounts for individuals under age 26, and for other purposes.
USA115th CongressHR-2420| House
| Updated: 5/11/2017
This bill amends the Internal Revenue Code to establish a tax-preferred individual retirement account for taxpayers under age 26, to be known as a young savers account. The bill treats such accounts as Roth individual retirement accounts for income tax purposes, with the exception of specified modifications to the rules regarding contribution limits.