Universal Savings Account Act of 2024

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. 

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 July 2024

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• Introduced in House (PDF)

  Introduced in House · EN · 11 July 2024

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 July 2024

  Open at official source

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