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S 3764 116th Congress Senate Taxation Appropriations Bank accounts, deposits, capital Computers and information technology Department of the Treasury Disability and paralysis Employee benefits and pensions Executive agency funding and structure Higher education Income tax exclusion Student aid and college costs Tax administration and collection, taxpayers Tax treatment of families

Young American Savers Act of 2020

Introduced: May 19, 2020 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2020
Read twice and referred to the Committee on Finance.
May 19, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Young American Savers Act of 2020

This bill directs the Department of the Treasury to establish as a permanent program the Federal Child Savings Account Program not later than December 31, 2021. A program account shall be tax-exempt and distributions from an account shall be excludible from a child's gross income.

The program allows the parent or guardian of a child under the age of 18 and a U.S. resident to make contributions to an account for the child's educational expenses. An account may also fund a Roth Individual Retirement account and an ABLE (i.e., Achieving a Better Life Experience) account for disabled individuals. Distributions from such accounts may begin on the earlier of the date such child attains the age of 26, receives an associate's or bachelor's degree, or enlists in active duty miliary service.

What's happening now May 19, 2020

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2