# 119-hr-3407: Money Accounts for Growth and Advancement Act

119-hr-3407, Money Accounts for Growth and Advancement Act, is a 119th Congress bill sponsored by Rep. Moore, Blake D. [R-UT-1] (R-UT); status introduced; PRIA reads it as touching household money (as of 2025-12-21).

- Canonical: https://policyrisk.com/legislation/119-hr-3407
- As of: 2025-12-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-3407
- Congress: 119
- Title: Money Accounts for Growth and Advancement Act
- Status: introduced
- Introduced: 2025-05-14
- Sponsor: Rep. Moore, Blake D. [R-UT-1] (R-UT)
- Cosponsors: 0
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2025-12-21

## Summary

**Creates MAGA accounts — a new tax-advantaged savings trust for children.** The bill would set up MAGA accounts with a $5,000 annual contribution limit and strict age, investment, and distribution rules. - Families and children: Guardians could open accounts for beneficiaries under age 8. Contributions generally cannot start before 2026 and are capped at $5,000 per year, with cost-of-living increases beginning in 2027. Withdrawals are restricted until age 18, limited for young beneficiaries, and the account ends at age 31. - Financial institutions and trustees: Trustees must be banks or approved administrators. Accounts may hold only eligible, low-fee U.S. equity index funds or diversified equivalents with no leverage, and assets cannot be commingled outside common trust or investment funds. - Tax administration and pilot program: The bill would create a one-time $1,000 credit deposited into MAGA accounts for eligible children born 2025–2028 who are U.S. citizens at birth. Trustees must report to the Treasury and beneficiaries. Penalties apply for improper pilot credit claims, including $500 for negligence and $1,000 for fraud.

## Provisions PRIA read

- Automatic MAGA account and $1,000 for newborns: benefit, medium. If enacted, Treasury could open a MAGA account for your child when first claimed on your tax return, unless you opt out. A one‑time $1,000 deposit would go into a child’s MAGA account if the child is born from 1/1/2025 through 12/31/2028 and is a U.S. citizen at birth. To get this pilot deposit, yo…
- Open and fund MAGA kid accounts: mixed, medium. This bill would create a new, tax‑favored MAGA account for a child. The child would need to be under age 8 when the account is opened, and Social Security numbers would be required. Starting in 2026, you could contribute cash up to $5,000 per year for children under 18; the limit could rise with in…
- Using MAGA money: rules and taxes: mixed, medium. This bill would restrict withdrawals before age 18, and limit withdrawals before age 25 to no more than half of the account’s cash value at age 18. You could use funds for college, approved credentials, certain small business or farm loan costs, or to buy your first home. Return of contributions wo…
- Limited IRS data sharing for MAGA deposits: mixed, low. If enacted, Treasury could share limited tax return details to identify MAGA account holders and route deposits to groups of beneficiaries. The data could include names, addresses, SSNs, custodians, account numbers, and routing numbers. It could be used only to identify accounts or route funds and…

## Related bills

- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-137: TCJA Permanency Act
- 119-hr-2725: Affordable Housing Credit Improvement Act of 2025
- 119-hr-4: Rescissions Act of 2025
- 119-hr-2709: Save Our Sequoias Act
- 119-hr-1144: Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act of 2025

## Sources
- [119-hr-3407 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/3407)

## Related
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-137: TCJA Permanency Act](https://policyrisk.com/legislation/119-hr-137)
- [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725)
- [119-hr-4: Rescissions Act of 2025](https://policyrisk.com/legislation/119-hr-4)
- [119-hr-2709: Save Our Sequoias Act](https://policyrisk.com/legislation/119-hr-2709)
- [119-hr-1144: Frederick Douglass Trafficking Victims Prevention and Protection Reauthorizatio…](https://policyrisk.com/legislation/119-hr-1144)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-3407 (as of 2025-12-21).