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401Kids Savings Account Act of 2024

USA118th CongressHR-7162| House 
| Updated: 12/17/2024
Donald S. Beyer

Donald S. Beyer

Democratic Representative

Virginia

Cosponsors (13)
Joyce Beatty (Democratic)Jimmy Panetta (Democratic)Suzan K. DelBene (Democratic)Shri Thanedar (Democratic)Danny K. Davis (Democratic)Daniel T. Kildee (Democratic)Dean Phillips (Democratic)Sydney Kamlager-Dove (Democratic)Eleanor Holmes Norton (Democratic)Earl Blumenauer (Democratic)Linda T. Sánchez (Democratic)Chellie Pingree (Democratic)Bill Pascrell (Democratic)

Ways and Means Committee, Work and Welfare Subcommittee, Energy and Commerce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
401Kids Savings Account Act of 2024 This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security. The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program. The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.
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Timeline
Jan 31, 2024

Latest Companion Bill Action

S 118-3716
Introduced in Senate
Jan 31, 2024
Introduced in House
Jan 31, 2024
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Dec 17, 2024
Referred to the Subcommittee on Work and Welfare.
  • January 31, 2024

    Latest Companion Bill Action

    S 118-3716
    Introduced in Senate


  • January 31, 2024
    Introduced in House


  • January 31, 2024
    Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • December 17, 2024
    Referred to the Subcommittee on Work and Welfare.

Taxation

Related Bills

  • S 118-3716: 401Kids Savings Account Act of 2024

401Kids Savings Account Act of 2024

USA118th CongressHR-7162| House 
| Updated: 12/17/2024
401Kids Savings Account Act of 2024 This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security. The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program. The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 31, 2024

Latest Companion Bill Action

S 118-3716
Introduced in Senate
Jan 31, 2024
Introduced in House
Jan 31, 2024
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Dec 17, 2024
Referred to the Subcommittee on Work and Welfare.
  • January 31, 2024

    Latest Companion Bill Action

    S 118-3716
    Introduced in Senate


  • January 31, 2024
    Introduced in House


  • January 31, 2024
    Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • December 17, 2024
    Referred to the Subcommittee on Work and Welfare.
Donald S. Beyer

Donald S. Beyer

Democratic Representative

Virginia

Cosponsors (13)
Joyce Beatty (Democratic)Jimmy Panetta (Democratic)Suzan K. DelBene (Democratic)Shri Thanedar (Democratic)Danny K. Davis (Democratic)Daniel T. Kildee (Democratic)Dean Phillips (Democratic)Sydney Kamlager-Dove (Democratic)Eleanor Holmes Norton (Democratic)Earl Blumenauer (Democratic)Linda T. Sánchez (Democratic)Chellie Pingree (Democratic)Bill Pascrell (Democratic)

Ways and Means Committee, Work and Welfare Subcommittee, Energy and Commerce Committee

Taxation

Related Bills

  • S 118-3716: 401Kids Savings Account Act of 2024
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted