To amend the Internal Revenue Code of 1986 to establish universal savings accounts.
Universal Savings Account Act of 2024
This bill creates a new tax-exempt savings account to be known as a Universal Savings Account (USA). The bill allows eligible taxpayers to open an account and contribute up to $10,000 (adjusted for inflation) to an account each year. Contributions must be in cash and the allowable amount of contributions is subject to a phaseout based upon the taxpayer's modified adjusted gross income.
Distributions from a USA are excludible from gross income, for income tax purposes, and may be transferred to a taxpayer's spouse or child upon the death of the taxpayer.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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