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114-hr-4094114th Congress

Universal Savings Account Act

Sponsored By: Representative Brat, Dave [R-VA-7]

Unknown

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Brat, Dave [R-VA-7]

VA • R

Cosponsors

  • Rep. Gosar, Paul A. [R-AZ-9]

    AZ • R

    Sponsored 12/7/2015

  • Rep. Franks, Trent [R-AZ-8]

    AZ • R

    Sponsored 12/7/2015

  • Rep. Griffith, H. Morgan [R-VA-9]

    VA • R

    Sponsored 12/7/2015

  • MATT SALMON

    AZ • R

    Sponsored 12/7/2015

  • Rep. Webster, Daniel [R-FL-11]

    FL • R

    Sponsored 1/13/2016

  • Rep. Clawson, Curt [R-FL-19]

    FL • R

    Sponsored 1/13/2016

  • Rep. Schweikert, David [R-AZ-1]

    AZ • R

    Sponsored 6/14/2016

  • Rep. Guinta, Frank C. [R-NH-1]

    NH • R

    Sponsored 7/14/2016

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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