American Opportunity Accounts Act
Latest action · Feb 4, 2021 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.
- IntroducedFeb 4, 2021
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
American Opportunity Accounts Act
This bill establishes tax-exempt American Opportunity Accounts to provide children at birth with a $1,000 savings account with annual contributions up to $2,000 depending on family income. The accounts are available to children at age 18 for specified purposes, including educational expenses, home ownership, and investment that provides long-term returns.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Feb 4, 2021 to Mar 24, 2021; 14 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Feb 4, 2021 |
| I-VT | Bernard Sanders | Original | Feb 4, 2021 |
| D-HI | Brian Schatz | Original | Feb 4, 2021 |
| D-NY | Charles E. Schumer | Original | Feb 4, 2021 |
| D-MD | Chris Van Hollen | Original | Feb 4, 2021 |
| D-DE | Christopher A. Coons | Original | Feb 4, 2021 |
| D-MA | Edward J. Markey | Original | Feb 4, 2021 |
| D-MA | Elizabeth Warren | Original | Feb 4, 2021 |
| D-OR | Jeff Merkley | Original | Feb 4, 2021 |
| D-NY | Kirsten E. Gillibrand | Original | Feb 4, 2021 |
| D-NM | Martin Heinrich | Original | Feb 4, 2021 |
| D-IL | Richard J. Durbin | Original | Feb 4, 2021 |
| D-OH | Sherrod Brown | Original | Feb 4, 2021 |
| D-WI | Tammy Baldwin | Original | Feb 4, 2021 |
| D-CT | Richard Blumenthal | Mar 24, 2021 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Feb 4, 2021 |
Actions 2
Everything that happened, newest first.
- Feb 4, 2021Introduced in Senate
- Feb 4, 2021Read twice and referred to the Committee on Finance.
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.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R47492 | Tax-Advantaged Savings Accounts: Overview and Policy Considerations | Report | Mar 31, 2023 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 441 | American Opportunity Accounts Act | Reintroduced Bill | Feb 15, 2023 |
| HR 835 | American Opportunity Accounts Act | Identical bill | Feb 4, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to establish American opportunity accounts, and for other purposes.
- Short Title(s) as Introduced
- American Opportunity Accounts Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Advisory bodies
- Congressional oversight
- Employee benefits and pensions
- Executive agency funding and structure
- Financial services and investments
- Government studies and investigations
- Government trust funds
- Higher education
- Housing finance and home ownership
- Income tax exclusion
- Inflation and prices
- Securities
- Student aid and college costs
- Tax administration and collection, taxpayers
- Taxation
- Vocational and technical education
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Feb 4, 2021Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
