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Cruz, Ted [R-TX]","TX","R","C001098",[],"Senate",119,false,"Universal Savings Account Act of 2025","2026-05-11T17:06:42.281Z",[],1,0,2,"s",[],"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F1581","Taxation",{"date":6,"text":29},"Read twice and referred to the Committee on Finance.",1581,"in_committee","taxation","2026-06-12T15:20:02Z","A bill to amend the Internal Revenue Code of 1986 to create Universal Savings Accounts.",[36],{"name":37,"systemCode":38,"chamber":15,"activities":39,"subcommittees":43,"type":44},"Finance Committee","ssfi00",[40],{"name":41,"date":42},"Referred To","2025-05-01T18:01:11Z",[],"Standing",[38],"2026-06-12T18:30:33.802Z",[48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111],"universal","un","uni","univ","unive","univer","univers","universa","savings","sa","sav","savi","savin","saving","account","ac","acc","acco","accou","accoun","act","of","2025","20","202","bill","bi","bil","to","amend","am","ame","amen","the","internal","in","int","inte","inter","intern","interna","revenue","re","rev","reve","reven","revenu","code","co","cod","1986","19","198","create","cr","cre","crea","creat","accounts","sen","cruz","cru","ted","tx",true,[114],{"versionCode":115,"actionDate":6,"actionDesc":116,"text":117,"updateDate":118},"00","Introduced in Senate","\u003Cp>\u003Cstrong>Universal Savings Account Act of 2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This bill establishes Universal Savings Accounts, which are tax-advantaged savings accounts that allow contributions up to a certain amount, exempt earnings and distributions from federal income taxes, and allow distributions to be used for any purpose. (Conditions and exceptions apply.)\u003C\u002Fp>\u003Cp>Specifically, the bill allows cash contributions to a Universal Savings Account of up to $10,000 in 2025 (maximum base contribution), excluding qualified amounts rolled over from another tax-advantaged account (e.g., individual retirement account). The maximum base contribution amount is increased by $500 each year beginning in 2026 and adjusted annually for inflation, up to a total maximum contribution of $25,000 (also adjusted annually for inflation beginning in 2026).\u003C\u002Fp>\u003Cp>Under the bill, earnings and distributions from a Universal Savings Account are excluded from gross income for federal tax purposes and, thus, are not subject to federal income taxes (similar to the federal tax treatment of distributions from a Roth individual retirement account). (Some exceptions apply.)\u003C\u002Fp>\u003Cp>Further, distributions from such accounts are not restricted and may be used for any purpose (unlike other types of tax-advantaged accounts currently available).\u003C\u002Fp>\u003Cp>The bill also imposes \u003C\u002Fp>\u003Cul>\u003Cli>a federal excise tax on contributions to a Universal Savings Account in excess of the applicable contribution limit,\u003C\u002Fli>\u003Cli>a federal excise tax on certain transactions involving a Universal Savings Account and disqualified persons,\u003C\u002Fli>\u003Cli>certain reporting requirements on Universal Savings Account trustees, and\u003C\u002Fli>\u003Cli>a federal excise tax for failing to meet such reporting requirements.\u003C\u002Fli>\u003C\u002Ful>","2026-06-12T15:18:27Z",[120],{"bioguideId":121,"fullName":122,"party":12,"state":123,"sponsorshipDate":124,"isOriginalCosponsor":17,"withdrawn":17,"sponsorshipWithdrawnDate":3},"J000312","Sen. Justice, James C. 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