Young American Savers Act of 2020
Latest action · May 19, 2020 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 19, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 2
Members who signed on, in the order they did. All signed on May 19, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | May 19, 2020 |
| D-OR | Ron Wyden | Original | May 19, 2020 |
Actions 2
Everything that happened, newest first.
- May 19, 2020Introduced in Senate
- May 19, 2020Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: 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
Text 1
Each version as it was printed, newest first.
- May 19, 2020Introduced in Senate
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.