H.R. 9010: Universal Savings Account Act of 2024

118th Congress · introduced 2024-07-11 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2024-07-11 · official record
Who proposed it: Rep. Harshbarger, Diana [R-TN-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Universal Savings Account Act of 2024

Plain summary

Universal Savings Account Act of 2024 This bill creates a new tax-exempt savings account to be known as a Universal Savings Account (USA). The bill allows eligible taxpayers to open an account and contribute up to $10,000 (adjusted for inflation) to an account each year. Contributions must be in cash and the allowable amount of contributions is subject to a phaseout based upon the taxpayer's modified adjusted gross income. Distributions from a USA are excludible from gross income, for income tax purposes, and may be transferred to a taxpayer's spouse or child upon the death of the taxpayer.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Universal Savings Account Act of 2024

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Harshbarger, Diana [R-TN-1] · 6 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Glenn Grothman (R-WI), Andrew Ogles (R-TN), August Pfluger (R-TX), Derrick Van Orden (R-WI), Eric Burlison (R-MO)

Sponsor's campaign money: Rep. Harshbarger, Diana [R-TN-1] reported raising $1.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-118hr9010.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/118/hr>

Record fed-us-cong118-hr9010 · catalog fed-us-congress-bills-cong118 · updated 2026-11-15 by psicol fed-bills-cong118