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- S.323
S.323: Universal Savings Account Act
About This Bill
- Introduced Feb. 7, 2017
- Latest Major Action Feb. 7, 2017
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Version
- Introduced in Senate - Feb. 7, 2017
Bill Summary
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| Feb. 7, 2017 |
Read twice and referred to the Committee on Finance.
|
| Feb. 7, 2017 |
Introduced in the Senate by Jeff Flake (R-Ariz.) |