HR 9010
118th Congress
House
Taxation
Universal Savings Account Act of 2024
Introduced: July 11, 2024
Introduced by:
Harshbarger, Diana
Republican
· Tennessee
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 11, 2024
Referred to the House Committee on Ways and Means.
Jul 11, 2024
Introduced in House
Plain-English summary
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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1