Home > Legislation > 114th Congress > H.R.4094

H.R.4094 - Universal Savings Account Act114th Congress (2015-2016)

Bill

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Sponsor: Rep. Brat, Dave [R-VA-7] (Introduced 11/19/2015)
Committees: House - Ways and Means
Latest Action: House - 11/19/2015 Referred to the House Committee on Ways and Means.  (All Actions)

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This bill has the status Introduced

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Summary: H.R.4094 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.4094. Bill summaries are authored by CRS.

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Introduced in House (11/19/2015)

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.