3.0.0 4045 2023-01-11T13:29:22Z 2023-01-11T13:29:22Z House HR 2015-11-17 114 [Congressional Record Volume 161, Number 169 (Tuesday, November 17, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CROWLEY:H.R. 4045.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 lay and collect Taxes,Duties, Imposts, and Excises, to pay the Debts, and providefor the common Defence and general Welfare of the UnitedStates; but all Duties, Imposts and Excises shall be uniformthroughout the United States.[Page H8281]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-11-17T15:01:50Z 2015-11-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-11-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-11-17 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 2015-11-17 True Taxation Bank accounts, deposits, capital Disability and paralysis Employee benefits and pensions Executive agency funding and structure Financial services and investments Government lending and loan guarantees Government trust funds Health care costs and insurance Higher education Housing finance and home ownership Income tax credits Income tax exclusion Inflation and prices Poverty and welfare assistance Small business Student aid and college costs Tax treatment of families Wages and earnings Taxation 00 2015-11-17 Introduced in House 2016-01-14T22:01:00Z USAccounts: Investing in America's Future Act of 2015

This bill establishes in the Treasury the USAccount Fund, from which an initial contribution and subsequent matching contributions of up to $500 annually shall be made to accounts known as USAccounts.

USAccounts shall be established under this Act for individuals born after December 31, 2017, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18.

The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.

The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.

]]> USAccounts: Investing in America's Future Act of 2015 Display Title USAccounts: Investing in America's Future Act of 2015 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 2015 Introduced in House 2015-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4045ih/xml/BILLS-114hr4045ih.xml 2015-11-17 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.