USAccounts: Investing in America's Future Act of 2014
Latest action · Sep 18, 2014 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 18, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
USAccounts: Investing in America's Future Act of 2014 - Establishes in the Treasury the USAccount Fund to make contributions to accounts known as USAccounts, which are established under this Act for each child of a taxpayer qualifying for the child tax credit who has not attained age 17. Provides for an initial government contribution of $500 to a USAccount, private contributions up to $2,000, and government matching contributions up to $500 in a calendar year. Allows tax-exempt distributions from USAccounts for higher education expenses and for funding individual retirement plans of a qualifying child.
Establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.
Amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, and (2) increase the amount of the child tax credit by the applicable USAccount contribution amount.
Cosponsors 1
Members who signed on, in the order they did. All signed on Sep 18, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Keith Ellison | Original | Sep 18, 2014 |
Actions 2
Everything that happened, newest first.
- Sep 18, 2014Introduced in House
- Sep 18, 2014Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Employee benefits and pensions
- Executive agency funding and structure
- Financial services and investments
- Government lending and loan guarantees
- Government trust funds
- Higher education
- Income tax credits
- Income tax exclusion
- Inflation and prices
- Poverty and welfare assistance
- Student aid and college costs
- Tax treatment of families
- Taxation
Text 1
Each version as it was printed, newest first.
- Sep 18, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.