3.0.0 4094 2023-01-11T13:29:21Z 2023-01-11T13:29:21Z House HR 2015-11-19 114 [Congressional Record Volume 161, Number 171 (Thursday, November 19, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BRAT:H.R. 4094.Congress has the power to enact this legislation pursuantto the following:The Sixteenth Amendment to the Constitution grants Congress``power to lay and collect taxes on incomes, from whateversource derived, without apportionment among the severalStates, and without regard to any census or enumeration.''Left undefined in the amendment, the ``incomes'' appropriatefor taxation must be determined through legislation passed byCongress. Congress therefore has the power to exclude fromincome taxation such sources as it deems appropriate.[Page H8413]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-11-19T14:31:10Z Universal Savings Account Act 114 2320 S 2015-11-19 Read twice and referred to the Committee on Finance. Identical bill CRS 2015-11-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-11-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-11-19 Introduced in House IntroReferral 1000 9 Library of Congress B001290 Rep. Brat, Dave [R-VA-7] Dave Brat R VA 7 N G000565 Rep. Gosar, Paul A. [R-AZ-4] Paul Gosar R AZ A. 4 2015-12-07 False F000448 Rep. Franks, Trent [R-AZ-8] Trent Franks R AZ 8 2015-12-07 False G000568 Rep. Griffith, H. Morgan [R-VA-9] H. Griffith R VA Morgan 9 2015-12-07 False S000018 Rep. Salmon, Matt [R-AZ-5] MATT SALMON R AZ 5 2015-12-07 False W000806 Rep. Webster, Daniel [R-FL-10] Daniel Webster R FL 10 2016-01-13 False C001102 Rep. Clawson, Curt [R-FL-19] Curt Clawson R FL 19 2016-01-13 False S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 2016-06-14 False G000570 Rep. Guinta, Frank C. [R-NH-1] Frank Guinta R NH C. 1 2016-07-14 False Taxation Bank accounts, deposits, capital Employee benefits and pensions Financial services and investments Income tax exclusion Inflation and prices Taxation 00 2015-11-19 Introduced in House 2016-01-21T19:39:17Z 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.

]]> Universal Savings Account Act Display Title Universal Savings Account Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. Introduced in House IH Short Titles as Introduced Universal Savings Account Act Introduced in House 2015-11-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4094ih/xml/BILLS-114hr4094ih.xml 2015-11-19 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.