PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Work and Welfare.
Congressional Research Service
Version 00 · Introduced in House · Jan 31, 2024
401Kids Savings Account Act of 2024
This bill establishes tax-exempt savings accounts for children who have not attained age 18 to be known as the 401Kids Account Program. Contributions to such accounts may not exceed $2,500 in a calendar year (adjusted for inflation). Accounts may pay expenses related to education, starting a small business, buying a residence, or promoting retirement security.
The Department of the Treasury must establish a permanent program, not later than December 31, 2024, to be known as the Federal 401Kids Account Program.
The bill authorizes disclosure of taxpayer information for administering the program. It also disregards account funds for purposes of determining eligibility for certain federal assistance programs.
People & committees
Rep. Beyer, Donald S., Jr. [D-VA-8] · D–VA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on Work and Welfare.
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.
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.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Dec 11, 2025. Consult Congress.gov for the current record.
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