HR 8313
Trump Accounts for All Generations Act
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Bill overview
This bill makes the ‘Trump Accounts for All Generations Act’ permanent, extending a pilot program that allows certain taxpayers to contribute to a Roth IRA and receive a matching contribution from the government. The initial $1,000 contribution amount will be adjusted annually for inflation, starting in 2029. The bill removes the ‘pilot’ designation from several sections of the Internal Revenue Code related to this program.
Key provisions
- Extends the Trump accounts contribution pilot program permanently.
- Increases the initial contribution amount by an amount equal to the cost-of-living adjustment.
- Adjusts the contribution amount annually for inflation.
- Removes ‘pilot’ designation from relevant sections of the Internal Revenue Code.
- Specifically amends sections 6434, 6213, 6659, and the table of sections for subchapters B and part I.
Who is affected
- Taxpayers
- Individuals eligible for the pilot program
Notable changes
- The program is no longer considered a ‘pilot’ program.
- The contribution amount will increase annually due to inflation.
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Primary sponsor
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119th CONGRESS — 2d Session
H. R. 8313
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to make permanent the Trump accounts contribution pilot program, and for other purposes.
This Act may be cited as the Trump Accounts for All Generations Act
.
and before January 1, 2029,.
by redesignating subsections (h) and (i) as subsections (i) and (j), respectively, and
by inserting after subsection (g) the following new subsection:
such dollar amount, multiplied by
calendar year 2027for
calendar year 2016in subparagraph (A)(ii) thereof.
If any increase under this subsection is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.
pilotin the heading thereof.
Section 6213(g)(2)(AA) of such Code is amended by striking pilot
.
pilotin the heading thereof.
pilot.
The item relating to section 6659 in the table of sections for part I of subchapter A of chapter 68 of such Code is amended by striking pilot
.
The amendments made by this section shall apply to taxable years beginning after December 31, 2026.