Trump Accounts for All Generations Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
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.
Bill text
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Sponsors
Official sponsors from legislative records.
21 on record
Primary sponsor
Cosponsors
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