United States 114th Congress Status: Died 1 D cosponsors

HR 4045 — USAccounts: Investing in America's Future Act of 2015

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

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

USAccounts: Investing in America's Future Act of 2015 This bill establishes in the Treasury the USAccount Fund, from which an initial contribution and subsequent matching contributions of up to $500 annually shall be made to accounts known as USAccounts. USAccounts shall be established under this Act for individuals born after December 31, 2017, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18. The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund. The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 4045 on the official United States source →

Action History

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

  2. Introduced in House

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 education
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

What does HR 4045 do?
USAccounts: Investing in America's Future Act of 2015 This bill establishes in the Treasury the USAccount Fund, from which an initial contribution and subsequent matching contributions of up to $500 annually shall be made to accounts known as USAccounts. USAccounts shall be established under this Act for individuals born after December 31, 2017, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18. The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund. The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.
Who sponsors HR 4045?
HR 4045 is sponsored by Joseph Crowley (Democrat).
What is the current status of HR 4045?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4045?
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