H.R.5118 - USAccounts: Investing in America's Future Act of 2018115th Congress (2017-2018) |
|Sponsor:||Rep. Crowley, Joseph [D-NY-14] (Introduced 02/27/2018)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/27/2018 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5118 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/27/2018)
USAccounts: Investing in America's Future Act of 2018
This bill establishes in the Treasury the USAccount Fund from which the Department of the Treasury must make an initial $500 automatic contribution and subsequent matching contributions of up to $500 annually to accounts known as USAccounts.
USAccounts shall be established under this bill for individuals born after December 31, 2018, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18.
The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.
The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.