3.0.0 5576 2023-01-11T13:25:34Z 2023-01-11T13:25:34Z House H HR 2014-09-18 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CROWLEY:H.R. 5576.Congress has the power to enact this legislation pursuantto the following:Clause 1 Section 8 of Article 1:The Congress shall have the power to Pay a collect Taxes,Duties, Imposts, and Excises, to pay the Debts, and providefor the common Defense a General Welfare of the UnitedStates; but all Duties and Imposts and Excises shall beuniform throughout the United States.[Page H7889]]]> hswm00 Ways and Means Committee House Standing Referred to 2014-09-18T13:17:20Z 2014-09-18 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2014-09-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-09-18 Introduced in House IntroReferral 1000 9 Library of Congress C001038 Rep. Crowley, Joseph [D-NY-14] JOSEPH CROWLEY D NY 14 N E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2014-09-18 True Taxation Employee benefits and pensions Executive agency funding and structure Financial services and investments Government lending and loan guarantees Government trust funds Higher education Income tax credits Income tax exclusion Inflation and prices Poverty and welfare assistance Student aid and college costs Tax treatment of families Taxation 00 2014-09-18 Introduced in House 2014-10-21T20:43:18Z USAccounts: Investing in America's Future Act of 2014 - Establishes in the Treasury the USAccount Fund to make contributions to accounts known as USAccounts, which are established under this Act for each child of a taxpayer qualifying for the child tax credit who has not attained age 17. Provides for an initial government contribution of $500 to a USAccount, private contributions up to $2,000, and government matching contributions up to $500 in a calendar year. Allows tax-exempt distributions from USAccounts for higher education expenses and for funding individual retirement plans of a qualifying child.

Establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.

Amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, and (2) increase the amount of the child tax credit by the applicable USAccount contribution amount.

]]> USAccounts: Investing in America's Future Act of 2014 Display Title USAccounts: Investing in America's Future Act of 2014 Official Title as Introduced To establish USAccounts, and for other purposes. Introduced in House IH Short Titles as Introduced USAccounts: Investing in America's Future Act of 2014 Introduced in House 2014-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5576ih/xml/BILLS-113hr5576ih.xml 2014-09-18 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.