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HR 9010 118th Congress House Taxation

Universal Savings Account Act of 2024

Introduced: July 15, 2024 Introduced by: Harshbarger, Diana Republican · Tennessee See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Jul 11, 2024
Introduced in House
Jul 11, 2024
Referred to the House Committee on Ways and Means.
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 Plain-English summary Congressional Research Service

Universal Savings Account Act of 2024

This bill creates a new tax-exempt savings account to be known as a Universal Savings Account (USA). The bill allows eligible taxpayers to open an account and contribute up to $10,000 (adjusted for inflation) to an account each year. Contributions must be in cash and the allowable amount of contributions is subject to a phaseout based upon the taxpayer's modified adjusted gross income. 

Distributions from a USA are excludible from gross income, for income tax purposes, and may be transferred to a taxpayer's spouse or child upon the death of the taxpayer. 

What's happening now July 11, 2024

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 6
All 6 Republican 5
Lesko, Debbie
· Aug 23, 2024
 R
Burlison, Eric
Missouri · Jul 15, 2024
 R
Grothman, Glenn
Wisconsin · Jul 11, 2024
 R
Ogles, Andrew
Tennessee · Jul 11, 2024
 R
Pfluger, August
Texas · Jul 11, 2024
 R
Van Orden, Derrick
Wisconsin · Jul 11, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 9010: Universal Savings Account Act of 2024. 118th Congress. Open America. https://openamerica.io/bill/118-HR-9010/
MLA
"H.R. 9010: Universal Savings Account Act of 2024." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-9010/.
Bluebook (legal)
H.R. 9010, 118th Cong. (2026), https://openamerica.io/bill/118-HR-9010/.
Markdown link
[H.R. 9010: Universal Savings Account Act of 2024](https://openamerica.io/bill/118-HR-9010/)
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