American Opportunity Accounts Act
Latest action · Feb 15, 2023 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 15, 2023
- 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 16
Members who signed on, in the order they did. Signatures ran from Feb 15, 2023 to Dec 19, 2023; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Feb 15, 2023 |
| I-VT | Bernard Sanders | Original | Feb 15, 2023 |
| D-HI | Brian Schatz | Original | Feb 15, 2023 |
| D-NY | Charles E. Schumer | Original | Feb 15, 2023 |
| D-MD | Chris Van Hollen | Original | Feb 15, 2023 |
| D-MA | Edward J. Markey | Original | Feb 15, 2023 |
| D-MA | Elizabeth Warren | Original | Feb 15, 2023 |
| D-OR | Jeff Merkley | Original | Feb 15, 2023 |
| D-NY | Kirsten E. Gillibrand | Original | Feb 15, 2023 |
| D-NM | Martin Heinrich | Original | Feb 15, 2023 |
| D-CT | Richard Blumenthal | Original | Feb 15, 2023 |
| D-IL | Richard J. Durbin | Original | Feb 15, 2023 |
| D-RI | Sheldon Whitehouse | Original | Feb 15, 2023 |
| D-OH | Sherrod Brown | Original | Feb 15, 2023 |
| D-WI | Tammy Baldwin | Original | Feb 15, 2023 |
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 15, 2023 |
Actions 2
Everything that happened, newest first.
- Feb 15, 2023Introduced in Senate
- Feb 15, 2023Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 222 | American Opportunity Accounts Act | Reintroduction of | Feb 4, 2021 |
| HR 1041 | American Opportunity Accounts Act | Related bill | Feb 14, 2023 |
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 15, 2023Introduced 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.
