3.0.0 2320 2023-01-11T13:32:32Z 2023-01-11T13:32:32Z Senate S 2015-11-19 114 ssfi00 Finance Committee Senate Standing Referred to 2015-11-19T21:48:47Z Universal Savings Account Act 114 4094 HR 2015-11-19 Referred to the House Committee on Ways and Means. Identical bill CRS 2015-11-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-11-19 Introduced in Senate IntroReferral 10000 9 Library of Congress F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ N 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 Senate 2016-01-21T19:33:22Z 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 A bill to amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. Introduced in Senate IS Short Titles as Introduced Universal Savings Account Act Introduced in Senate 2015-11-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2320is/xml/BILLS-114s2320is.xml 2015-11-19 Read twice and referred to the Committee on Finance. 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.