summary
Introduced
02/14/2023
02/14/2023
In Committee
02/14/2023
02/14/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To establish American opportunity accounts, and for other purposes.
AI Summary
This bill establishes American Opportunity Accounts (AO accounts), which are savings accounts set up by the government for eligible individuals born after December 31, 2023. The government will make an initial $1,000 contribution to each AO account, as well as annual contributions ranging from $2,000 to $0 based on the account holder's household income. The funds in the AO accounts can be used for qualified expenses like higher education, home ownership, and other long-term investments. The accounts are managed by the American Opportunity Fund Board and the contributions and distributions are exempt from taxation.
Committee Categories
Budget and Finance
Sponsors (34)
Ayanna Pressley (D)*,
Jake Auchincloss (D),
Nanette Barragán (D),
Joyce Beatty (D),
Earl Blumenauer (D),
Jamaal Bowman (D),
Cori Bush (D),
André Carson (D),
Troy Carter (D),
Greg Casar (D),
Yvette Clarke (D),
Emanuel Cleaver (D),
Joe Courtney (D),
Jasmine Crockett (D),
Danny Davis (D),
Madeleine Dean (D),
Rosa DeLauro (D),
Dwight Evans (D),
Sara Jacobs (D),
Pramila Jayapal (D),
John Larson (D),
Barbara Lee (D),
Summer Lee (D),
Grace Meng (D),
Seth Moulton (D),
Eleanor Holmes Norton (D),
Alexandria Ocasio-Cortez (D),
Ilhan Omar (D),
Dean Phillips (D),
Jan Schakowsky (D),
Elissa Slotkin (D),
Bennie Thompson (D),
Rashida Tlaib (D),
Bonnie Watson Coleman (D),
Last Action
Referred to the House Committee on Ways and Means. (on 02/14/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/1041/all-info |
| BillText | https://www.congress.gov/118/bills/hr1041/BILLS-118hr1041ih.pdf |
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