Young American Savers Act of 2020

Summary

Young American Savers Act of 2020 This bill directs the Department of the Treasury to establish as a permanent program the Federal Child Savings Account Program not later than December 31, 2021. A program account shall be tax-exempt and distributions from an account shall be excludible from a child's gross income. The program allows the parent or guardian of a child under the age of 18 and a U.S. resident to make contributions to an account for the child's educational expenses. An account may also fund a Roth Individual Retirement account and an ABLE (i.e., Achieving a Better Life Experience) account for disabled individuals. Distributions from such accounts may begin on the earlier of the date such child attains the age of 26, receives an associate's or bachelor's degree, or enlists in active duty miliary service.

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Timeline

1. 19 May 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 May 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 May 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 May 2020

  Open at official source

Sponsors

• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Ron Wyden · D · Sponsor
• Charles Schumer · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Young American Savers Act of 2021