United States 119th Congress Status: In Committee 1 R cosponsors

HR 3407 — Money Accounts for Growth and Advancement Act

Last action — Referred to the House Committee on Ways and Means.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced May 14, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Stalled 16% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 R).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

How this bill changes current law

9 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill creates a new type of tax-exempt account called a MAGA account specifically for individuals under 18 to save for growth and advancement.

  • Subchapter F of chapter 1

    "PART IX--MAGA ACCOUNTS"

    Introduces a new part concerning MAGA accounts in the Internal Revenue Code.

  • SEC. 530A

    (a) General Rule.--A MAGA account shall be exempt from taxation under this subtitle.

    Establishes that MAGA accounts are exempt from taxation.

  • SEC. 530A (b)(1)

    The term 'money account for growth and advancement' or 'MAGA account' means a trust created or organized in the United States for the exclusive benefit of an individual...

    Defines what constitutes a MAGA account.

  • SEC. 530A (c)(1)

    The contribution limit for any taxable year is $5,000.

    Sets a contribution limit for MAGA accounts.

  • SEC. 530A (d)(1)

    A distribution from a MAGA account of an amount allocable to the investment in the contract shall not be includible in the gross income of the distributee.

    Establishes tax implications for distributions from MAGA accounts.

  • SEC. 530A (d)(4)(A)

    Qualified higher education expenses (as defined in section 529(e)(3)) determined without regard to section 529(c)(7).

    Defines qualified expenses for which distributions from MAGA accounts can be used.

  • SEC. 530A (e)

    For purposes of this section, the term 'qualified rollover contribution' means an amount which is paid in a direct trustee-to-trustee transfer from a MAGA account maintained for the benefit of the account beneficiary to a MAGA account maintained for such beneficiary.

    Defines what constitutes a qualified rollover contribution for MAGA accounts.

  • SEC. 530A (i)(1)

    Upon the date on which the account beneficiary attains age 31, a MAGA account shall cease to be a MAGA account...

    Sets a termination age for MAGA accounts.

  • SEC. 530A (j)

    For purposes of this section, rules similar to the rules applied to a qualified tuition program...

    Adapts existing rules from qualified tuition programs to MAGA accounts.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance immigration
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HR 3407?
HR 3407 is sponsored by Moore, Blake D. (Republican).
What is the current status of HR 3407?
This bill is in committee in the House. Introduced May 14, 2025. It must pass committee before a floor vote.
Where can I track HR 3407?
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