S. 323
Referred to CommitteeUniversal Savings Account Act
Latest Action
Read twice and referred to the Committee on Finance.
2/7/2017 • Senate
Summary
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.
Introduced in Senate • 2/7/2017
Topics & Subjects
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Bill Journey
Originated in the Senate
Introduced
February 7, 2017
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law