American Opportunity Accounts Act This bill establishes tax-exempt American Opportunity Accounts to provide children at birth with a $1,000 savings account with annual contributions up to $2,000 depending on family income. The accounts are available to children at age 18 for specified purposes, including educational expenses, home ownership, and investment that provides long-term returns.
Advisory bodiesCongressional oversightEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsGovernment studies and investigationsGovernment trust fundsHigher educationHousing finance and home ownershipIncome tax exclusionInflation and pricesSecuritiesStudent aid and college costsTax administration and collection, taxpayersVocational and technical educationWages and earnings
American Opportunity Accounts Act
USA117th CongressS-222| Senate
| Updated: 2/4/2021
American Opportunity Accounts Act This bill establishes tax-exempt American Opportunity Accounts to provide children at birth with a $1,000 savings account with annual contributions up to $2,000 depending on family income. The accounts are available to children at age 18 for specified purposes, including educational expenses, home ownership, and investment that provides long-term returns.
Advisory bodiesCongressional oversightEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsGovernment studies and investigationsGovernment trust fundsHigher educationHousing finance and home ownershipIncome tax exclusionInflation and pricesSecuritiesStudent aid and college costsTax administration and collection, taxpayersVocational and technical educationWages and earnings