USAccounts: Investing in America's Future Act of 2014

Summary

USAccounts: Investing in America's Future Act of 2014 - Establishes in the Treasury the USAccount Fund to make contributions to accounts known as USAccounts, which are established under this Act for each child of a taxpayer qualifying for the child tax credit who has not attained age 17. Provides for an initial government contribution of $500 to a USAccount, private contributions up to $2,000, and government matching contributions up to $500 in a calendar year. Allows tax-exempt distributions from USAccounts for higher education expenses and for funding individual retirement plans of a qualifying child. Establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund. Amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, and (2) increase the amount of the child tax credit by the applicable USAccount contribution amount.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 September 2014

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• Introduced in House (PDF)

  Introduced in House · EN · 18 September 2014

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• Introduced in House

  summary · EN · 18 September 2014

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