Bill > S3716

This bill, the 401Kids Savings Account Act of 2024, establishes a federal program to create lifetime savings accounts for children called "401Kids Savings Accounts." The bill amends the existing tax code to allow for the creation of these accounts, either through state-run "401Kids Account Programs" or a federal program managed by the Treasury Department. The accounts are designed to help families save for a variety of expenses, including higher education, small business loans, home purchases, and retirement. The bill provides for automatic annual deposits of $500-$750 into the accounts, with additional matching contributions for families eligible for the Earned Income Tax Credit. The accounts and their assets are generally excluded from consideration for federal means-tested benefit programs, and the bill also includes provisions for data sharing and administration of the program.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/3716/all-info