Bill > HB1447

This bill enacts the "Tennessee Trump Account Program Act," which allows the state of Tennessee to act as a nonbank custodian for "Trump account" funds, provided it receives approval from the U.S. Department of the Treasury. A "Trump account" is defined as an account established according to Section 530A of the Internal Revenue Code, which is a federal law governing retirement savings. The bill also clarifies that "federal law" includes all related rules, regulations, and guidance from the U.S. Department of the Treasury and the Internal Revenue Service. If the state gains approval to be a custodian, a formal Trump account program would need to be established through a future legislative act.