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HR 937 115th 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: February 7, 2017 See on congress.gov
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) 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
Feb 7, 2017
Referred to the House Committee on Ways and Means.
Feb 7, 2017
Introduced in House
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 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.

What's happening now February 7, 2017

Referred to the House Committee on Ways and Means.

 Related & companion bills 2
  • HR 6757 Related bill Family Savings Act of 2018
  • S 323 Identical bill Universal Savings Account Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2
R
Gosar, Paul A.
Arizona · Feb 14, 2017
 R
Griffith, H. Morgan
Virginia · Feb 7, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 937: Universal Savings Account Act. 115th Congress. Open America. https://openamerica.io/bill/115-HR-937/
MLA
"H.R. 937: Universal Savings Account Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-937/.
Bluebook (legal)
H.R. 937, 115th Cong. (2026), https://openamerica.io/bill/115-HR-937/.
Markdown link
[H.R. 937: Universal Savings Account Act](https://openamerica.io/bill/115-HR-937/)
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