A bill to amend the Internal Revenue Code of 1986 to create American dream accounts.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4026 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4026 To amend the Internal Revenue Code of 1986 to create American dream accounts. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 9, 2026 Mr. Scott of Florida introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to create American dream 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 ``American Dream Accounts Act of 2026''. SEC. 2. AMERICAN DREAM 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 X--AMERICAN DREAM ACCOUNTS ``Sec. 530B. American dream accounts. ``SEC. 530B. AMERICAN DREAM ACCOUNTS. ``(a) General Rule.--An American dream 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) American Dream Account.--For purposes of this section-- ``(1) In general.--The term `American dream account' means a trust created or organized in the United States for the exclusive benefit of an eligible individual and which is designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the trust as an American dream account, but only if the written governing instrument creating the trust meets the following requirements: ``(A) No contribution will be accepted-- ``(i) unless it is in cash, ``(ii) after the date the beneficiary makes a qualifi