H.R. 3378 · 117th Congress
Children’s Savings Accounts Offer Parents Plenty Of Reasons To Understand and Invest in Tuition Yearly Act
- Stage
- In committee
- Sponsor
- Matt Cartwright
- Introduced
- 2021-05-20
- Latest action
- 2021-07-01 · Referred to the Subcommittee on Nutrition, Oversight, and Department Operations.
Summary
Children's Savings Accounts Offer Parents Plenty Of Reasons To Understand and Invest in Tuition Yearly Act or the CSA OPPORTUNITY Act
This bill excludes the value of certain children's savings accounts, provided they meet specified requirements, when determining eligibility for particular means-tested federal programs.
To be excluded, the savings account must be created as part of a program organized by a government, nonprofit, school district, or college or university and meet other administrative criteria. Furthermore, proceeds of the account may only be used for postsecondary educational expenses, the purchase of a first home, or costs associated with starting a business once the individual receives a secondary school diploma or equivalent.