3.0.0 3764 2023-01-11T13:42:39Z 2023-01-11T13:42:39Z Senate S 2020-05-19 116 ssfi00 Finance Committee Senate Standing Referred to 2020-05-19T18:54:54Z 2020-05-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-05-19 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2020-05-19 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2020-05-19 True Taxation Appropriations Bank accounts, deposits, capital Computers and information technology Department of the Treasury Disability and paralysis Employee benefits and pensions Executive agency funding and structure Higher education Income tax exclusion Student aid and college costs Tax administration and collection, taxpayers Tax treatment of families Taxation 00 2020-05-19 Introduced in Senate 2020-08-03T18:58:35Z Young American Savers Act of 2020

This bill directs the Department of the Treasury to establish as a permanent program the Federal Child Savings Account Program not later than December 31, 2021. A program account shall be tax-exempt and distributions from an account shall be excludible from a child's gross income.

The program allows the parent or guardian of a child under the age of 18 and a U.S. resident to make contributions to an account for the child's educational expenses. An account may also fund a Roth Individual Retirement account and an ABLE (i.e., Achieving a Better Life Experience) account for disabled individuals. Distributions from such accounts may begin on the earlier of the date such child attains the age of 26, receives an associate's or bachelor's degree, or enlists in active duty miliary service.

]]> Young American Savers Act of 2020 Display Title Young American Savers Act of 2020 Short Title(s) as Introduced Young American Savers Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to create Federal child savings accounts, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-05-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3764is/xml/BILLS-116s3764is.xml 2020-05-19 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.