S. 323 · 115th Congress
Universal Savings Account Act
- Stage
- In committee
- Sponsor
- Jeff Flake
- Introduced
- 2017-02-07
- Latest action
- 2017-02-07 · Introduced in Senate
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 Savings Account are excluded from the gross income of the account holder for income tax purposes.