H.R.5576 - USAccounts: Investing in America's Future Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Crowley, Joseph [D-NY-14] (Introduced 09/18/2014)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/18/2014 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5576 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (09/18/2014)
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.