2026-20027: Trump Accounts

Federal Register, Volume 91 Issue 188 (Wednesday, September 30, 2026) [Federal Register Volume 91, Number 188 (Wednesday, September 30, 2026)] [Proposed Rules] [Pages 61812-61817] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2026-20027] [[Page 61812]] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [CC-00226466-26] RIN 1545-BR91 Trump Accounts

Agency

Internal Revenue Service (IRS), Treasury.

Action

Notice of proposed rulemaking and withdrawal of proposed rulemaking. -----------------------------------------------------------------------

Summary

This document contains proposed regulations regarding general requirements for Trump accounts, the establishment of an initial Trump account (including automatic enrollment by the Secretary of the Treasury) and qualified general contributions (including qualified stock contributions), which are a special type of contribution made to Trump accounts. This document also withdraws a prior notice of proposed rulemaking (REG-117270-25) containing proposed regulations regarding the election to establish an initial Trump account and reproposes the regulations as CC-00226466-26. These proposed regulations would affect trustees of Trump accounts, account beneficiaries of Trump accounts, responsible parties of Trump accounts, and eligible donors who fund qualified general contributions.

Dates

Written or electronic comments and requests for a public hearing must be received by November 30, 2026.

Addresses

Commenters are strongly encouraged to submit public comments electronically via the Federal eRulemaking Portal at https://www.regulations.gov (indicate IRS and CC-00226466-26) by following the online instructions for submitting comments. Requests for a public hearing must be submitted as prescribed in the ``Comments and Requests for a Public Hearing'' section. Once submitted to the Federal eRulemaking Portal, comments cannot be edited or withdrawn. The Department of the Treasury (Treasury Department) and the IRS will publish for public availability any comments submitted to the IRS's public docket. Send paper submissions to: CC:PA:01:PR (CC-00226466-26), Room 5503, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. A plain language summary of the proposed regulations will be made available at https://www.regulations.gov.

For Further Information Contact

Concerning the proposed regulations, Isaac Stein of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes) at (202) 317-6320 (not a toll-free number); concerning submissions of comments or requests for a public hearing, Publications and Regulations Section at (202) 317-6901 (not a toll-free number) or by email to [email protected] (preferred).

Supplementary Information

Authority This document contains proposed amendments to the Income Tax Regulations (26 CFR part 1) that would implement section 530A of the Internal Revenue Code (the Code). These proposed regulations are issued under several express delegations of authority. Section 530A(a) authorizes the Secretary of the Treasury or the Secretary's delegate (Secretary) to prescribe exceptions to the general rule that a Trump account shall be treated for purposes of the Code in the same manner as an individual retirement account (IRA) under section 408(a). Section 530A(b)(1)(A)(i) provides that an individual's first Trump account (initial Trump account) is to be created or organized by the Secretary. Section 530A(b)(1)(B) provides that a Trump account must be designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the account as a Trump account. Section 530A(b)(2)(C)(i) authorizes the Secretary to make an election to establish an initial Trump account for an eligible individual. Section 530A(b)(2)(C)(ii) authorizes the Secretary to prescribe rules regarding the time and manner for a person other than the Secretary to make an election to establish an initial Trump account for an eligible individual. Section 530A(f)(1)(A) defines a qualified general contribution as a contribution made by the Secretary pursuant to a general funding contribution. Section 530A(f)(3)(B) provides that a `qualified geographic area' is any geographic area in which not less than 5,000 account beneficiaries reside and which is designated by the Secretary as a qualified geographic area. Section 530A(i)(1) provides, in relevant part, that the trustee of a Trump account will make reports to the Secretary and to the beneficiary, at such time and in such manner as may be required by the Secretary, with respect to such matters as the Secretary may require. Section 408(a)(2) authorizes the Secretary to approve as a nonbank trustee for an IRA a person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of section 408. Section 7805(a) authorizes the Secretary to prescribe all needful rules and regulations for the enforcement of the Code, including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue. Background and Explanation of Provisions

I. Overview

Temporary regulations in the Rules and Regulations section of this issue of the Federal Register add Sec. Sec. 1.530A-1T and 1.530A-7T to the Income Tax Regulations (26 CFR part 1) (temporary regulations). The temporary regulations address the establishment of an initial Trump account (including auto enrollment by the Secretary) and qualified general contributions (including qualified stock contributions), which are a special type of contribution made to Trump accounts. Except for the applicability provisions, the text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the background and amendments.

II. Prior Sec. 1.530A-1 NPRM

On March 9, 2026, the Treasury Department and the IRS published a notice of proposed rulemaking (NPRM) (REG-117270-25) in the Federal Register (91 FR 11194) containing proposed regulations (Sec. Sec. 1.530A-1 through 1.530A-6) that would provide guidance on making an election to establish a Trump account and reserve additional sections for further guidance on Trump accounts (prior Sec. 1.530A-1 NPRM). Under the prior Sec. 1.530A-1 NPRM (91 FR at 11196), elections to establish an initial Trump account generally would be made by persons other than the Secretary pursuant to section 530A(b)(2)(C)(ii). Although the prior Sec. 1.530A-1 NPRM acknowledged that section 530A(b)(2)(C)(i) authorizes the Secretary to make an election to establish an initial Trump account, those proposed regulations contemplated that the Secretary's exercise of that authority would be limited to instances in which the Secretary is deemed to have made an election when an election was submitted by a person who was not authorized to make the election (91 FR [[Page 61813]] at 11197). That proposed approach reflected the need to issue the proposed regulations promptly in order to implement Trump accounts by the July 4, 2026, date on which contributions could first be made. Given the limited time available, the Treasury Department and the IRS were unable to fully resolve the legal and administrative issues associated with implementing broad automatic enrollment, including the need to prevent the unauthorized disclosure of return information. Many commenters expressed strong support for auto enrollment of initial Trump accounts. Commenters urged the Secretary to make an election for each individual who satisfies the statutory age and social security number requirements, using information available from tax returns, Social Security Administration records, and other authorized sources. Commenters stated that requiring an affirmative election by a person other than the Secretary would reduce participation, particularly among nonfilers, families unfamiliar with tax procedures, and families with limited time or resources to complete a separate enrollment process. Commenters also stated that an eligible individual should not lose the opportunity to receive contributions or investment growth merely because no adult completed an election. Following the publication of the prior Sec. 1.530A-1 NPRM, and after considering the public comments supporting automatic enrollment, the Treasury Department and the IRS further considered how to address the legal and operational issues identified in that NPRM. In coordination with the Treasury Department's financial agent and other governmental agencies, the Treasury Department and the IRS have identified an administrable structure under which the Secretary can make elections for eligible individuals while preserving separate IRA ownership and protecting return information from disclosure. This change in approach therefore reflects the development of a different administrative structure, rather than a change in the Treasury Department and the IRS's interpretation of the authority conferred by section 530A(b)(2)(C)(i). Under this structure, a separate initial Trump account is established for each eligible individual pursuant to a separate written governing instrument, and separate account-level records are maintained for each account, which are referred to as auto accounts. Contributions are received and recorded by the individual auto account, and the assets attributable to auto accounts are invested collectively through a master group trust that is intended to satisfy the applicable requirements of Rev. Rul. 81-100, as modified. Each auto account holds an undivided proportionate beneficial interest in the investments held through the master group trust that are attributable to contributions allocated to qualified classes of which the account beneficiary was a member and any $1,000 pilot program contribution made to that account, and records maintained for the Trump accounts program identify the assets attributable to each auto account. The structure thus combines separate account ownership and account-level recordkeeping with collective investment and administration. The master group trust addresses the concerns reflected in the prior Sec. 1.530A-1 NPRM about disclosure of return information because investments are held and administered at the master-group-trust level. Thus, the trustee of the master group trust can execute transactions for the trust without receiving or disclosing account- identifying return information for each account beneficiary in connection with each transaction. Return information used to identify eligible individuals and establish auto accounts is retained in a safeguarded environment by the Secretary and his financial agent authorized to receive that information on the Secretary's behalf. In addition, a person seeking to claim an auto account must independently submit the information required by the Secretary, authenticate the person's identity, establish the person's legal authority to act with respect to the account and to receive the account beneficiary's return information, and execute any consent required for disclosures necessary to process the claim and transfer the account balance. This process permits an authorized person to claim and control the account without disclosing protected account information before the person's legal authority to that information has been established. Accordingly, after considering the comments and developing this new administrable structure, the Treasury Department and the IRS are withdrawing the prior Sec. 1.530A-1 NPRM and issuing these proposed regulations.

I. Regulatory Planning and Review

The Regulatory Planning and Review section in the Special Analyses part of the preamble to the temporary regulations provides the relevant discussion.

II. Paperwork Reduction Act

The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) generally requires that a Federal agency obtain the approval of the Office of Management and Budget (OMB) before collecting information from the public, whether such collection of information is mandatory, voluntary, or required to obtain or retain a benefit. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number. The collections of information in these proposed regulations contain reporting, third-party disclosure and recordkeeping requirements that are necessary for Trump account enrollment. These collections of information generally would be used by the Secretary to automatically enroll beneficiaries into Trump accounts. The proposed regulations mention reporting requirements for making elections for Trump accounts by a person other than the Secretary, as detailed in 26 CFR 1.530A-1(d)(1)(ii). This reporting requirement is already approved by the OMB under OMB Control Number 1545-2336 and is not being revised by this proposed regulation. [[Page 61815]] The proposed regulations mention reporting requirements for filing a general funding contribution request and entering into a Treasury acceptance agreement, as detailed in 26 CFR 1.530A-7(c)(2). This reporting requirement is already approved by the OMB under OMB Control Number 1505-0285 and is not being revised by this proposed regulation. The proposed regulations include reporting by account beneficiaries or responsible parties and third-party disclosures and associated recordkeeping requirements from trustees to account beneficiaries or responsible parties. These collections of information are necessary to allow account beneficiaries or responsible parties to claim accounts, and to inform account beneficiaries or responsible parties of any required sales and reinvestments related to qualified stock. IRS anticipates that the likely respondents are individuals, responsible parties, businesses, and for-profit organizations (trustees). Table 1 provides a high-level description of the collection requirements created or changed within this regulation, and the regulatory sections that detail these requirements. Table 2 provides the estimated burden placed on respondents for each collection requirement. These collection requirements were approved by the OMB under OMB Control Number 1545-2336 pursuant to the emergency procedures in 5 CFR 1320.13. Table 1--Description of Collections ---------------------------------------------------------------------------------------------------------------- Regulatory section OMB control No. Collection type New or revised Description with additional collection details ---------------------------------------------------------------------------------------------------------------- 1545-2336........... Third-party New................... Claiming an auto account 26 CFR 1.530A-1(f). Disclosure and Recordkeeping. 1545-2336........... Third-party New................... Beneficiary disclosure 26 CFR 1.530A- Disclosure and when stock held in a 7(d)(5), (d)(6). Recordkeeping. Trump account is either de-listed from a national securities exchange or generates property that is not successor qualified stock. ---------------------------------------------------------------------------------------------------------------- Table 2--Estimated Burden ---------------------------------------------------------------------------------------------------------------- Estimated Estimated Estimated average annual Estimated Collection number of frequency of burden per total annual respondents responses response burden hours ---------------------------------------------------------------------------------------------------------------- 26 CFR 1.530A-1(f).............................. 63,360,000 1 6 6,336,000 26 CFR 1.530A-7(d)(5), (d)(6)................... 5 27,717 1 2,310 ----------------------------------------------------------------------------------------------------------------

III. Regulatory Flexibility Act

The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA) imposes certain requirements with respect to Federal rules that are subject to the notice and comment requirements of section 553(b) of the Administrative Procedure Act (5 U.S.C. 551 et seq.) and that are likely to have a significant economic impact on a substantial number of small entities. Unless an agency determines that a proposal is not likely to have a significant economic impact on a substantial number of small entities, section 603 of the RFA requires the agency to present an initial regulatory flexibility analysis (IRFA) of the proposed rule. The Treasury Department and the IRS have not determined whether the proposed rule, when finalized, will likely have a significant economic impact on a substantial number of small entities. This determination requires further study. However, because there is a possibility of significant economic impact on a substantial number of small entities, an IRFA is provided in these proposed regulations. The Treasury Department and the IRS invite comments on both the number of entities affected and the economic impact on small entities. Pursuant to section 7805(f), this notice of proposed rulemaking has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.

IV. Unfunded Mandates Reform Act

Section 202 of the Unfunded Mandates Reform Act of 1995 (UMRA) requires that agencies assess anticipated costs and benefits and take certain other actions before issuing a final rule that includes any Federal mandate that may result in expenditures in any one year by a State, local, or Tribal government, in the aggregate, or by the private sector, of $100 million in 1995 dollars, updated annually for inflation. These proposed regulations do not include any Federal mandate that may result in expenditures by State, local, or Tribal governments, or by the private sector in excess of that threshold.

V. Executive Order 13132: Federalism

Executive Order 13132 (Federalism) prohibits an agency from publishing any rule that has federalism implications if the rule either imposes substantial, direct compliance costs on State and local governments, and is not required by statute, or preempts State law, unless the agency meets the consultation and funding requirements of section 6 of the Executive order. These proposed regulations do not have federalism implications and do not impose substantial direct compliance costs on State and local governments or preempt State law within the meaning of the Executive order.

VI. Small Business Administration

Pursuant to section 7805(f) of the Code, these proposed regulations have been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on their impact on small business. Comments and Requests for a Public Hearing Before these proposed regulations are adopted as final regulations, consideration will be given to comments that are submitted timely to the IRS as prescribed in the preamble under the ADDRESSES heading. The Treasury Department and the IRS request comments on all aspects of the proposed regulations. Any comments will be made available at https://www.regulations.gov or upon request. A public hearing will be scheduled if requested in writing by any person that timely submits electronic or written comments. Requests for a public hearing are encouraged to be made electronically. If a public hearing is scheduled, a notice of the date, time, and place for the public hearing will be published in the Federal Register. Statement of Availability of IRS Documents Revenue Rulings, Revenue Procedures, Notices, and other guidance cited in this document are published in the Internal Revenue Bulletin (or Cumulative Bulletin) and are available from the Superintendent of Documents, U.S. Government Publishing Office, Washington, DC 20402, or by visiting the IRS website at https://www.irs.gov. Drafting Information The principal author of these proposed regulations is Isaac Stein of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). Other personnel from the Treasury Department and the IRS participated in their development. List of Subjects in 26 CFR Part 1 Income taxes and reporting and recordkeeping requirements. Withdrawal of Proposed Amendments to the Regulations Under the authority of 26 U.S.C. 7805, the notice of proposed rulemaking (REG-117270-25) that was published in the Federal Register on March 9, 2026 (91 FR 11194), is withdrawn. [[Page 61817]] Proposed Amendments to the Regulations Accordingly, the Treasury Department and the IRS propose to amend 26 CFR part 1 as follows: PART 1--INCOME TAXES Paragraph 1. The authority citation for part 1 is amended by adding entries for Sec. Sec. 1.530A-1 and 1.530A-7 in numerical order to read, in part, as follows: Authority: 26 U.S.C. 7805 * * * * * * * * Section 1.530A-1 is also issued under 26 U.S.C. 408(a)(2), 530A(a), (b)(1)(A)(i), (b)(1)(B), (b)(2)(C)(i), and (b)(2)(C)(ii). Section 1.530A-7 is also issued under 26 U.S.C. 530A(a), (f)(1)(A), and (f)(3)(B). * * * * * Par. 2. Section 1.530A-1 is added to read as follows: Sec. 1.530A-1 Trump accounts; general requirements; establishment of an initial Trump account; auto enrollment and auto accounts. (a)-(f) [The text of proposed Sec. 1.530A-1(a) through (f) is the same as the text of Sec. 1.530A-1T(a) through (f) in the temporary rule published elsewhere in this issue of the Federal Register.] (g) Applicability date. This section applies to taxable years beginning on or after the date the Treasury decision adopting this section as a final regulation is published in the Federal Register. Sec. 1.530A-2 [Added and Reserved] Par. 3. Section 1.530A-2 is added and reserved. Sec. Sec. 1.530A-4 through 1.530A-6 [Added and Reserved] Par. 4. Sections 1.530A-4 through 1.530A-6 are added and reserved. Par. 5. Section 1.530A-7 is added to read as follows: Sec. 1.530A-7 Qualified general contributions and qualified stock contributions. (a)-(e) [The text of proposed Sec. 1.530A-7(a) through (e) is the same as the text of Sec. 1.530A-7T(a) through (e) in the temporary rule published elsewhere in this issue of the Federal Register.] (f) Applicability date. This section applies to taxable years beginning on or after the date the Treasury decision adopting this section as a final regulation is published in the Federal Register. Frank J. Bisignano, Chief Executive Officer. [FR Doc. 2026-20027 Filed 9-29-26; 8:45 am] BILLING CODE 4831-GV-P