HR 7162 United States House · 118th Congress

401Kids Savings Account Act of 2024

The 401Kids Savings Account Act of 2024 establishes automatic savings accounts for every U.S. citizen under age 18, created at birth or naturalization (or when the program starts). These accounts receive annual government deposits of $500 (or $750 for families eligible for the Earned Income Credit) and up to $250 in matching contributions for EIC-eligible families. After age 18, account holders can use funds for education, first-time home purchases, or roll over balances into ABLE accounts or Roth IRAs. The accounts are designed to be disregarded for means-tested benefits like SSI and Medicaid, though balances exceeding $100,000 will count toward eligibility.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2024

Committee Review

Floor Vote

President

Introduced Jan 31, 2024 Last action Dec 17, 2024

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Full legislative history

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Committee

Dec 17, 2024

Committee

Referred to the Subcommittee on Work and Welfare.

lower

Jan 31, 2024

Committee

Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Jan 31, 2024

Introduced

Introduced in House

lower

1 primary · 13 co-sponsors