HR 937 · 115th Congress 2017–2019, ended

Universal Savings Account Act

Introduced Feb 7, 2017 Originated House Sponsor Dave Brat R-VA

Fact sheet Spreadsheet

Latest action · Feb 7, 2017 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.

  1. IntroducedFeb 7, 2017
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 3

Members who signed on, in the order they did. Signatures ran from Feb 7, 2017 to Feb 14, 2017; 2 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-VAH. Morgan GriffithOriginalFeb 7, 2017
R-AZTrent FranksOriginalFeb 7, 2017
R-AZPaul A. GosarFeb 14, 2017

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Feb 7, 2017

Actions 2

Everything that happened, newest first.

  1. Feb 7, 2017Introduced in House
  2. Feb 7, 2017Referred to the House Committee on Ways and Means.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: The Sixteenth Amendment to the Constitution grants Congress ``power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.'' Left undefined in the amendment, the ``incomes'' appropriate for taxation must be determined through legislation passed by Congress. Congress therefore has the power to exclude from income taxation such sources as it deems appropriate.

The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 21, February 7, 2017, page H1085.

Related bills 3

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 323Universal Savings Account ActIdentical billFeb 7, 2017
HR 4094Universal Savings Account ActReintroduction ofNov 19, 2015
HR 6757Family Savings Act of 2018Related billSep 28, 2018

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts.
Short Titles as Introduced
Universal Savings Account Act

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 7, 2017Introduced in House

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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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.