HR 4094
114th Congress
House
Taxation
Bank accounts, deposits, capital
Employee benefits and pensions
Financial services and investments
Income tax exclusion
Inflation and prices
Universal Savings Account Act
Introduced: November 19, 2015
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 2015
Referred to the House Committee on Ways and Means.
Nov 19, 2015
Introduced in House
Plain-English summary
Universal Savings Account Act
This bill amends the Internal Revenue Code to allow for the establishment of Universal Savings Accounts. These Accounts shall be tax-exempt and may be opened by any individual who is at least 18 years of age and a U.S. citizen or legal permanent resident. Contributions to these Accounts must be in cash and may not exceed $5,500 (adjusted annually for inflation) in any calendar year. Distributions from a Universal Savings Account are excluded from the gross income of the account holder for income tax purposes.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1