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To establish USAccounts, and for other purposes.

USA115th CongressHR-5118| House 
| Updated: 2/27/2018
Joseph Crowley

Joseph Crowley

Democratic Representative

New York

Cosponsors (1)
Keith Ellison (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
USAccounts: Investing in America's Future Act of 201 8 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.
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Timeline
Feb 27, 2018
Introduced in House
Feb 27, 2018
Referred to the House Committee on Ways and Means.
  • February 27, 2018
    Introduced in House


  • February 27, 2018
    Referred to the House Committee on Ways and Means.

Taxation

Bank accounts, deposits, capitalDisability and paralysisEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsGovernment lending and loan guaranteesGovernment trust fundsHealth care costs and insuranceHigher educationHousing finance and home ownershipIncome tax creditsIncome tax exclusionInflation and pricesPoverty and welfare assistanceSmall businessStudent aid and college costsTax treatment of familiesWages and earnings

To establish USAccounts, and for other purposes.

USA115th CongressHR-5118| House 
| Updated: 2/27/2018
USAccounts: Investing in America's Future Act of 201 8 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.
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Timeline
Feb 27, 2018
Introduced in House
Feb 27, 2018
Referred to the House Committee on Ways and Means.
  • February 27, 2018
    Introduced in House


  • February 27, 2018
    Referred to the House Committee on Ways and Means.
Joseph Crowley

Joseph Crowley

Democratic Representative

New York

Cosponsors (1)
Keith Ellison (Democratic)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bank accounts, deposits, capitalDisability and paralysisEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsGovernment lending and loan guaranteesGovernment trust fundsHealth care costs and insuranceHigher educationHousing finance and home ownershipIncome tax creditsIncome tax exclusionInflation and pricesPoverty and welfare assistanceSmall businessStudent aid and college costsTax treatment of familiesWages and earnings