Foster Youth Investment Act
Sponsored By: Representative Moore, Blake D. [R-UT-1]
Introduced
Summary
This bill would change the tax code to _expand who counts as a beneficiary_ for general-contribution accounts designated for foster children. It clarifies which foster youth under age 18 and those in State or tribal custody qualify as account beneficiaries and allows certain groups of eligible children to be combined for a single contribution.
Show full summary
- Families and foster youth: Would let any individual who has not attained age 18 and who is an eligible foster child or who is under the custody, supervision, or guardianship of a State or Indian tribal government be treated as a beneficiary for general contributions.
- Taxpayers and contributors: Would allow contributors to treat a mix of eligible groups together when making a general contribution, provided every beneficiary in the group is under age 18.
- Timing: The change would apply to contributions made after December 31, 2025.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More tax accounts for foster children
This bill would let more foster children be named as account beneficiaries for certain tax-advantaged child accounts. A child would qualify if they have not turned 18 by the end of the year of the contribution and are either an "eligible foster child" under the tax code or are under State or Indian tribal custody, supervision, or guardianship. It would also let groups of beneficiaries mix those categories as long as every child in the group meets the under-18 rule. The change would apply to contributions made after December 31, 2025. The bill would not change tax rates, funding levels, or create new federal programs.
Sponsors & CoSponsors
Sponsor
Moore, Blake D. [R-UT-1]
UT • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov