US HB5118 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 27 2018 - 25% progression, died in committee
Action: 2018-02-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 27 2018 - 25% progression, died in committee
Action: 2018-02-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
USAccounts: Investing in America's Future Act of 2018
Sponsors
Rep. Joseph Crowley [D-NY] | Rep. Keith Ellison [D-MN] |
History
Date | Chamber | Action |
---|---|---|
2018-02-27 | House | Referred to the House Committee on Ways and Means. |
2018-02-27 | House | Introduced in House |
Subjects
Bank accounts, deposits, capital
Disability and paralysis
Employee benefits and pensions
Executive agency funding and structure
Financial services and investments
Government lending and loan guarantees
Government trust funds
Health care costs and insurance
Higher education
Housing finance and home ownership
Income tax credits
Income tax exclusion
Inflation and prices
Poverty and welfare assistance
Small business
Student aid and college costs
Tax treatment of families
Taxation
Wages and earnings
Disability and paralysis
Employee benefits and pensions
Executive agency funding and structure
Financial services and investments
Government lending and loan guarantees
Government trust funds
Health care costs and insurance
Higher education
Housing finance and home ownership
Income tax credits
Income tax exclusion
Inflation and prices
Poverty and welfare assistance
Small business
Student aid and college costs
Tax treatment of families
Taxation
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/5118/all-info |
Text | https://www.congress.gov/115/bills/hr5118/BILLS-115hr5118ih.pdf |