,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #ebha  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #cj1 #bjad ,mr4 
,hanna 7= himself & ,mr4 ,k9d7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to provide = tax pref]r$ sav+s    
acc\nts = individuals "u age #ah1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,"y ,sav]s ,security 9 
,retirem5t ,act ( #bjad4  #b4 ,f9d+s    
,congress f9ds ! foll[+3  7#a7 ,/udies  
indicate t *ildr5 z "y z #c ye>s old are
 able to grasp f9ancial concepts & t    
basic f9ancial habits are l>gely =mulat$
 by age #g4  7#b7 ,rese>* %[s t *ildr5  
born to l[-income p>5ts :o are good     
f9ancial sav]s are m likely to move up !
 economic ladd] ?an *ildr5 f l[-income  
h\seholds t d n save4 ,accord+ to a     
#bjaa /udy controll$ = income &         
demographic factors1 y\? :o own f9ancial
 acc\nts are #g times m likely to att5d 
college4  7#c7 ,if tax-advantag$        

retirem5t acc\nts su* z ,ro? ,i,r,as    
c\ld be op5$ = *ildr5 betwe5 ! ages (   
z]o & #ah1 ^! individuals are likely to 
acquire sub/antially m tax-free assets  
by retirem5t age ?an _! pe]s4  7#d7     
,*ildr5 :o possess retirem5t acc\nts f a
 "y age w b5efit f long] exposure to    
comp\nd int]e/ & c be expect$ to atta9  
high] levels ( f9ancial lit]acy1 college
 graduation & retirem5t security 9      
adul?ood4  7#e7 ,great] private         
retirem5t sav+s = ,am]icans ( all ages w
 increase p]sonal f9ancial security &   
responsibility1 r$uc+ ! likelihood t    
s5iors w ne$ to rely solely on ,social  
,security = _! retirem5t income4  7#f7  
,f$]al policy %\ld bett] enable p>5ts1  
gu>dians & families ( all income levels 
to enc\rage y\? sav+ & inve/m5t =       
retirem5t at an e>li] age4  7#g7 ,f$]al 
policy %\ld help create retirem5t sav+s 
inc5tives = l[-income ,am]icans because 
/udies %[ t l[-income ,am]icans w save m
 = retirem5t if !re are inc5tives &     
/ructures 9 place to help !m d s4 ,a    

refundable inc5tive l ! ,sav]'s ,cr$it  
w\ld rea* #ej million l[-income         
h\seholds--ne>ly #aj times ! numb] a    
non-refundable cr$it rea*es4  #c4 ,"y   
sav]s acc\nt  7a7 ,e/abli%m5t ( acc\nts 
7#a7 ,9 g5]al ,section #djh;,a ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subsection3  7g7 ,"y sav]s acc\nt  7#a7 
,9 g5]al ,except z provid$ 9 ?is        
subsection1 a "y sav]s acc\nt %all be   
treat$ 9 ! same mann] z a ,ro? ,,ira4   
7#b7 ,"y sav]s acc\nt ,= purposes ( ?is 
subsection1 ! t]m "y sav]s acc\nt means1
 ) respect to any taxable ye>1 a ,ro?   
,,ira :i* is ma9ta9$ on behalf ( an     
individual :o has n atta9$ age #ah be=e 
! close ( ! taxable ye> & :i* is        
designat$ 79 su* mann] z ! ,secret>y may
 prescribe7 at ! "t ( e/abli%m5t z a "y 
sav]s acc\nt4  7#c7 ,contribution limits
 ,9 ! case ( any contributions = any    
taxable ye> to #a or m "y sav]s acc\nts 
ma9ta9$ on behalf ( an individual1 ea* (
 ! foll[+ contribution limits = !       

taxable ye> %all be increas$ z foll[s3  
7,a7 ,! contribution limit applicable to
 ! individual "u subsection 7c77#b7 %all
 be increas$ by ! aggregate am\nt (     
qualifi$ "y sav] contributions to su*   
acc\nts = ! taxable ye>4  7,b7 ,!       
contribution limits applicable to ! "y  
sav]s acc\nts "u subsection 7a77#a7 or  
7b77#b77;,b7 ( section #djh1 :i*ev] is  
applicable1 %all be increas$ by !       
d$uctible am\nt 9 effect "u section     
#bai7;b77#e7 = su* taxable ye> 7det]m9$ 
)\t reg>d to subp>agraph 7,b7 !re(74    
7#d7 ,qualifi$ "y sav] contributions ,= 
purposes ( ?is subsection--  7,a7 ,9    
g5]al ,! t]m qualifi$ "y sav]           
contribution means a contribution by an 
individual 7) respect to :om a "y sav]s 
acc\nt is n ma9ta9$ dur+ ! taxable ye>7 
to a "y sav]s acc\nt ma9ta9$ on behalf (
 ano!r individual4  7,b7 ,limitations   
7i7 ,limit on acc\nts ) respect to      
individual ,! aggregate am\nt (         
contributions :i* may be made = any     
taxable ye> to all "y sav]s acc\nts     

ma9ta9$ on behalf ( an individual %all n
 exce$ ! d$uctible am\nt 9 effect = !   
taxable ye> "u section #bai7;b77#e7     
7det]m9$ )\t reg>d to subp>agraph 7,b7  
!re(74  7ii7 ,limit on contributors ,!  
aggregate am\nt ( qualifi$ "y sav]      
contributions an individual may make =  
any taxable ye> to all "y sav]s acc\nts 
%all n exce$ ! d$uctible am\nt 9 effect 
= ! taxable ye> "u section #bai7;b77#e7 
7det]m9$ )\t reg>d to subp>agraph 7,b7  
!re(71 r$uc$ by any contributions made  
by or on behalf ( ! individual to any   
,ro? ,,ira ma9ta9$ on behalf ( !        
individual4  4  7b7 ,eligible = ,sav]s  
,cr$it ,p>agraph 7#a7 ( section         
#be;,b7d7 ( su* ,code is am5d$ by /rik+ 
& at ! end ( subp>agraph 7,b77ii71 by   
/rik+ ! p]iod at ! end ( subp>agraph    
7,c7 & ins]t+ 1 &1 & by add+ at ! end ! 
foll[+ new subp>agraph3  7,d7 ! am\nt ( 
any contribution to a "y sav]s acc\nt4  
4  7c7 ,refund payable to ,"y ,sav]s    
,acc\nt  7#a7 ,9 g5]al ,sub*apt] ,b (   
*apt] #fe ( ! ,int]nal ,rev5ue ,code (  

#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #fdcc4 ,"y sav]s acc\nt  
refund paym5t  ,9 ! case ( any ov]paym5t
 7or portion !re(7 :i* is attributable  
to a cr$it all[$ to an individual "u    
section #be;,b by reason ( a            
contribution to a "y sav]s acc\nt1 !    
,secret>y %all pay ! am\nt ( su*        
ov]paym5t 7or su* portion7 into ! "y    
sav]s acc\nt to :i* su* contribution 0  
made4 ,! ,secret>y %all prescribe su*   
regulations z may be necess>y to c>ry   
out ! purposes ( ?is section4  4  7#b7  
,cl]ical am5dm5t ,! table ( sections =  
sub*apt] ,b ( *apt] #fe ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #fdcc4 ,"y sav]s acc\nt    
refund paym5t4  4  7d7 ,"y sav]s acc\nt 
in=mation includ$ ) application = social
 security c>d ,! ,commission] ( ,social 
,security1 9 consultation ) ! ,secret>y 
( ! ,treasury1 %all include ) mat]ials  
relat+ to ! application = a social      
security c>d in=mation describ+ "y sav]s
 acc\nts 7z def9$ 9 section             

#djh;,a7g77#b7 ( ! ,int]nal ,rev5ue     
,code ( #aihf7 & relat$ tax b5efits4    
7e7 ,acc\nt funds disreg>d$ = purposes (
 all means te/$ f$]al programs ,not)/&+ 
any o!r provision ( ,f$]al law1 assets  
accumulat$ 9 "y sav]s acc\nts 7)9 !     
mean+ ( section #djh;,a7g7 ( ! ,int]nal 
,rev5ue ,code ( #aihf7 %all n be tak5   
into acc\nt 9 det]m9+ any individual's  
or h\sehold's f9ancial eligibility =1 or
 am\nt (1 any b5efit or s]vice1 paid = 9
 :ole or 9 "p ) ,f$]al funds1 includ+   
/ud5t f9ancial aid4  7f7 ,effective date
 ,! am5dm5ts made by ?is section %all   
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjac4