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    <originChamber>House</originChamber>
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    <introducedDate>2024-01-31</introducedDate>
    <congress>118</congress>
    <legislationUrl>https://www.congress.gov/bill/118th-congress/house-bill/7162</legislationUrl>
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      <constitutionalAuthorityStatementText>&lt;pre&gt;[Congressional Record Volume 170, Number 18 (Wednesday, January 31, 2024)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. BEYER:H.R. 7162.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:To establish universal children's savings account programsin states to enable all children nationwide to start savingand building assets throughout their lifetime.[Page H365]&lt;/pre&gt;</constitutionalAuthorityStatementText>
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        <title>401Kids Savings Account Act of 2024</title>
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        <fullName>Rep. Beyer, Donald S., Jr. [D-VA-8]</fullName>
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        <fullName>Rep. Beatty, Joyce [D-OH-3]</fullName>
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        <fullName>Del. Norton, Eleanor Holmes [D-DC-At Large]</fullName>
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        <fullName>Rep. Sánchez, Linda T. [D-CA-38]</fullName>
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        <fullName>Rep. Thanedar, Shri [D-MI-13]</fullName>
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        <fullName>Rep. Kamlager-Dove, Sydney [D-CA-37]</fullName>
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        <fullName>Rep. Davis, Danny K. [D-IL-7]</fullName>
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        <state>IL</state>
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        <fullName>Rep. Blumenauer, Earl [D-OR-3]</fullName>
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        <state>OR</state>
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        <fullName>Rep. Panetta, Jimmy [D-CA-19]</fullName>
        <firstName>Jimmy</firstName>
        <lastName>Panetta</lastName>
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        <bioguideId>P000096</bioguideId>
        <fullName>Rep. Pascrell, Bill, Jr. [D-NJ-9]</fullName>
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        <fullName>Rep. Kildee, Daniel T. [D-MI-8]</fullName>
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        <fullName>Rep. Pingree, Chellie [D-ME-1]</fullName>
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        <lastName>Pingree</lastName>
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        <fullName>Rep. Phillips, Dean [D-MN-3]</fullName>
        <firstName>Dean</firstName>
        <lastName>Phillips</lastName>
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      <name>Taxation</name>
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        <updateDate>2024-04-02T14:30:18Z</updateDate>
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          <text>&lt;p&gt;&lt;strong&gt;401Kids Savings Account Act of 2024&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security.&amp;nbsp;&lt;/p&gt;&lt;p&gt;The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program.&amp;nbsp;&lt;/p&gt;&lt;p&gt;The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.&amp;nbsp;&lt;/p&gt;</text>
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    <title>401Kids Savings Account Act of 2024</title>
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        <title>401Kids Savings Account Act of 2024</title>
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        <title>401Kids Savings Account Act of 2024</title>
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        <title>To create children's lifetime savings accounts, and for other purposes.</title>
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      <actionDate>2024-12-17</actionDate>
      <text>Referred to the Subcommittee on Work and Welfare.</text>
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    <dc:rights>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.</dc:rights>
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