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118-hr-7162Committee
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401Kids Savings Account Act of 2024

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Summary

Official CRS summary

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.

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Bill details

Congress
118
Bill type
hr
Introduced
January 31, 2024
Sponsor
Not yet available
Last action
December 17, 2024— Referred to the Subcommittee on Work and Welfare.

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