Universal Savings Account Act of 2025

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 3186 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 3186 To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 5, 2025 Mrs. Harshbarger introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Universal Savings Account Act of 2025''. SEC. 2. UNIVERSAL SAVINGS ACCOUNTS. (a) In General.--Subchapter F of Chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: ``PART IX--UNIVERSAL SAVINGS ACCOUNTS ``SEC. 530A. UNIVERSAL SAVINGS ACCOUNTS. ``(a) General Rule.--A Universal Savings Account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). ``(b) Universal Savings Account.--For purposes of this section, the term `Universal Savings Account' means a trust created or organized in the United States for the exclusive benefit of an individual and which is designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the trust as a Universal Savings Account, but only if the written governing instrument creating the trust meets the following requirements: ``(1) Except in the case of a qualified rollover contribution described in subsection (d)-- ``(A) no contribution will be accepted unless it is in cash, and ``(B) contributi