401Kids Savings Account Act of 2024
Latest action · Dec 17, 2024 Referred to the Subcommittee on Work and Welfare.
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.
- IntroducedJan 31, 2024
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
401Kids Savings Account Act of 2024
This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security.
The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program.
The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.
Cosponsors 13
Members who signed on, in the order they did. Signatures ran from Jan 31, 2024 to Jul 18, 2024, with 8 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Danny K. Davis | Original | Jan 31, 2024 |
| D-OR | Earl Blumenauer | Original | Jan 31, 2024 |
| D-DC | Eleanor Holmes Norton | Original | Jan 31, 2024 |
| D-OH | Joyce Beatty | Original | Jan 31, 2024 |
| D-CA | Linda T. Sánchez | Original | Jan 31, 2024 |
| D-MI | Shri Thanedar | Original | Jan 31, 2024 |
| D-WA | Suzan K. DelBene | Original | Jan 31, 2024 |
| D-CA | Sydney Kamlager-Dove | Original | Jan 31, 2024 |
| D-CA | Jimmy Panetta | Feb 5, 2024 | |
| D-NJ | Bill Pascrell, Jr. | Feb 7, 2024 | |
| D-MI | Daniel T. Kildee | May 23, 2024 | |
| D-ME | Chellie Pingree | Jun 4, 2024 | |
| D-MN | Dean Phillips | Jul 18, 2024 |
Actions 3
Everything that happened, newest first.
- Dec 17, 2024Referred to the Subcommittee on Work and Welfare.
- Jan 31, 2024Introduced in House
- Jan 31, 2024Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3716 | 401Kids Savings Account Act of 2024 | Identical bill | Jan 31, 2024 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 31, 2024Introduced 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.
