HR 3407
Money Accounts for Growth and Advancement Act
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 6:35 AM
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Money Accounts for Growth and Advancement Act (MAGA Act) proposes to exempt money accounts, specifically designated as ‘MAGA accounts,’ from taxation. These accounts, created to benefit an individual, would have specific requirements regarding contributions, investment options, and beneficiary age restrictions. The bill also establishes a pilot program to provide a one-time credit to eligible children for MAGA accounts. Finally, it includes provisions to address potential penalties for improper claims related to the pilot program and clarifies the treatment of social security numbers.
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