US SB2320 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on November 19 2015 - 25% progression, died in committee
Action: 2015-11-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 19 2015 - 25% progression, died in committee
Action: 2015-11-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Universal Savings Account Act This bill amends the Internal Revenue Code to allow for the establishment of Universal Savings Accounts. These Accounts shall be tax-exempt and may be opened by any individual who is at least 18 years of age and a U.S. citizen or legal permanent resident. Contributions to these Accounts must be in cash and may not exceed $5,500 (adjusted annually for inflation) in any calendar year. Distributions from a Universal Savings Account are excluded from the gross income of the account holder for income tax purposes.
Title
Universal Savings Account Act
Sponsors
| Sen. Jeff Flake [R-AZ] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-11-19 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4094 (Same As) 2015-11-19 - Referred to the House Committee on Ways and Means.
Subjects
Bank accounts, deposits, capital
Employee benefits and pensions
Financial services and investments
Income tax exclusion
Inflation and prices
Taxation
Employee benefits and pensions
Financial services and investments
Income tax exclusion
Inflation and prices
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/114th-congress/senate-bill/2320/all-info |
| Text | https://www.congress.gov/114/bills/s2320/BILLS-114s2320is.pdf |
