HR 7162 118th Congress House Taxation

401Kids Savings Account Act of 2024

Introduced: January 31, 2024 Introduced by: Beyer, Donald S. Democratic · Virginia See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 17, 2024

Referred to the Subcommittee on Work and Welfare.

Jan 31, 2024

Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jan 31, 2024

Introduced in House

Plain-English summary Congressional Research Service

401Kids Savings Account Act of 2024

This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security.

The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program.

The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.

What's happening now December 17, 2024

Referred to the Subcommittee on Work and Welfare.

Committees of jurisdiction 3