Skip to main content
HR 4094 114th Congress House

Universal Savings Account Act

Official title: To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts.

Introduced: January 13, 2016 See on congress.gov
Taxation Bank accounts, deposits, capitalEmployee benefits and pensionsFinancial services and investmentsIncome tax exclusionInflation and prices
Sign in to write a letter Sign in to watch
This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action November 19, 2015

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • S 2320 Identical bill Universal Savings Account Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4
R
Schweikert, David
Arizona · Jun 14, 2016
 R
Webster, Daniel
Florida · Jan 13, 2016
 R
Gosar, Paul A.
Arizona · Dec 7, 2015
 R
Griffith, H. Morgan
Virginia · Dec 7, 2015
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4094: Universal Savings Account Act. 114th Congress. Open America. https://openamerica.io/bill/114-HR-4094/
MLA
"H.R. 4094: Universal Savings Account Act." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-4094/.
Bluebook (legal)
H.R. 4094, 114th Cong. (2026), https://openamerica.io/bill/114-HR-4094/.
Markdown link
[H.R. 4094: Universal Savings Account Act](https://openamerica.io/bill/114-HR-4094/)
Report a problem