,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #eegf  ,,in ,,the ,,house ,,of  
,,representatives  ,september #ah1 #bjad
 ,mr4 ,crowley 7for himself and ,mr4    
,ellison7 introduced the following bill2
 which was referred to the ,committee on
 ,ways and ,means  ,a ,,bill  ,to       
establish ,u,s,accounts1 and for other  
purposes4  #a4 ,short title2 table of   
contents  7a7 ,short title ,this ,act   
may be cited as the ,u,s,accounts3      
,investing in ,america's ,future ,act of
 #bjad4  7b7 ,table of contents ,the    
table of contents for this ,act is as   
follows3  ,sec4 #a4 ,short title2 table 
of contents4 ,sec4 #b4 ,findings4 ,sec4 
#c4 ,u,s,account ,fund4 ,sec4 #d4       
,u,s,accounts4 ,sec4 #e4 ,assignment1   
alienation1 and treatment of deceased   
individuals4 ,sec4 #f4 ,rules governing 
,u,s,accounts relating to investment1   
accounting1 and reporting4 ,sec4 #g4    
,u,s,account ,fund ,board4 ,sec4 #h4    
,fiduciary responsibilities4 ,sec4 #i4  
,accounts disregarded in determining    

eligibility for ,federal benefits4 ,sec4
 #aj4 ,reports4 ,sec4 #aa4 ,tax         
provisions4  7c7 ,definitions ,for      
purposes of this ,act--  7#a7           
,u,s,account ,fund ,the term            
,u,s,account ,fund means the fund       
established under section #c4  7#b7     
,u,s,account ,the term ,u,s,account     
means an account established under      
section #d4  7#c7 ,secretary ,the term  
,secretary means the ,secretary of the  
,treasury or the ,secretary's delegate4 
7#d7 ,u,s,account ,fund ,board ,the term
 ,u,s,account ,fund ,board means the    
board established pursuant to section   
#g4  7#e7 ,executive ,director ,the term
 ,executive ,director means the         
executive director appointed pursuant to
 section #g4  #b4 ,findings ,the        
,congress finds the following3  7#a7    
,there is a strong link between savings 
and economic opportunity4 ,children in  
the poorest fifth of households who     
manage to move up the income ladder as  
adults have almost ten times the wealth 

of those who remain at the bottom4  7#b7
 ,even a small amount of children's     
savings can have a significant impact on
 college success1 a key driver of       
economic mobility4 ,low- and            
moderate-income children with less than 
#ejj saved for college are three times  
more likely to enroll in college and    
four times more likely to graduate than 
children with no savings4  7#c7 ,most   
working families in ,america lack       
savings and face financial insecurity as
 a result4 #dd percent of families are  
8liquid asset poor10 meaning they lack  
accessible savings to survive for three 
months at the ,federal poverty level4   
7#d7 ,families with children face       
additional barriers to building savings4
 ,these families are more likely than   
childless households to live in asset   
poverty4  7#e7 ,the ,great ,recession   
has exacerbated financial insecurity for
 millions of ,american families4        
,between #bjji and #bjaa1 the bottom #ic
 percent of households saw a drop in net

 worth1 while the wealthiest #g percent 
of households saw a significant increase
 in net worth4  7#f7 ,children's savings
 accounts programs are evidence-based   
and have been tested throughout the     
country4 ,in #bjjc1 the ,saving for     
,education1 ,entrepreneurship1 and      
,downpayment 7,,seed7 national          
demonstration project was established to
 evaluate the policy and practice of    
savings accounts for children4 ,,seed   
found that even very low-income parents 
will save and invest for their          
children's future if given the          
opportunity4  7#g7 ,since #bjji1        
publicly funded1 universal children's   
savings accounts programs have launched 
citywide in ,san ,francisco1            
,california1 countywide in ,cuyahoga    
,county1 ,ohio1 and statewide in ,nevada
 and ,maine4 ,additional children's     
savings programs serving thousands of   
children have launched or are launching 
in ,colorado1 ,hawaii1 ,illinois1       
,kansas1 ,michigan1 ,minnesota1         

,mississippi1 ,new ,mexico1 ,new ,york1 
,pennsylvania1 ,south ,dakota1 ,texas1  
,washington1 and ,washington1 ,,dc4     
7#h7 ,in order to expand economic       
opportunity and spur economic growth1   
the ,united ,states should promote      
savings and investments for all         
,americans4  #c4 ,u,s,account ,fund  7a7
 ,establishment ,there is established in
 the ,treasury of the ,united ,states a 
fund to be known as the ,u,s,account    
,fund4  7b7 ,amounts held by ,fund ,the 
,u,s,account ,fund consists of the sum  
of all amounts paid into the ,fund under
 this ,act1 increased by the total net  
earnings from investments of sums held  
in the ,fund or reduced by the total net
 losses from investments of sums held in
 the ,fund1 and reduced by the total    
amount of payments made from the ,fund  
7including payments for administrative  
expenses74  7c7 ,use of ,fund  7#a7 ,in 
general ,the sums in the ,u,s,account   
,fund are appropriated and shall remain 
available without fiscal year           

limitation--  7,a7 to make contributions
 to ,u,s,accounts1  7,b7 to invest under
 section #f1  7,c7 to make distributions
 in accordance with this ,act1  7,d7 to 
pay the administrative expenses of      
carrying out this ,act1 and  7,e7 to    
purchase insurance as provided in       
section #h7;c77#b74  7#b7 ,exclusive    
purposes ,the sums in the ,u,s,account  
,fund shall not be appropriated for any 
purpose other than the purposes         
specified in this section and may not be
 used for any other purpose4  7d7       
,transfers to ,u,s,account ,fund ,the   
,secretary shall make transfers from the
 general fund of the ,treasury to the   
,u,s,account ,fund as follows3  7#a7    
,automatic contribution ,upon receipt of
 a certification under section          
#d7;b77#b7 with respect to an           
individual1 the ,secretary shall        
transfer #ejj to the ,u,s,account of the
 individual4  7#b7 ,matching            
contributions ,upon receipt of each     
certification under section #d7;d7 with 

respect to an individual1 the ,secretary
 shall transfer the matching amount to  
the ,u,s,account of the individual4  7e7
 ,private contributions ,the ,executive 
,director shall pay into the            
,u,s,account ,fund such amounts as are  
contributed under section #d7;c74  7f7  
,prohibition on ,use of ,payroll ,taxes 
,to ,fund ,u,s,accounts ,the            
,u,s,account ,fund and ,u,s,accounts are
 wholly separate and unique from the    
,social ,security system4 ,no amount    
from any tax on employment may be       
contributed to the ,u,s,account ,fund or
 ,u,s,accounts4  #d4 ,u,s,accounts  7a7 
,in general  7#a7 ,establishment ,the   
,executive ,director shall establish in 
the ,u,s,account ,fund an account 7to be
 known as a ,u,s,account7 for each      
qualifying child certified under        
subsection 7b74 ,each such account shall
 be identified to its account holder by 
means of a unique personal identifier   
currently recognized by the ,internal   
,revenue ,service and shall remain in   

the ,u,s,account ,fund unless           
transferred to private management under 
subsection 7g74  7#b7 ,account balance  
,the balance in an account holder's     
,u,s,account at any time is the excess  
of--  7,a7 the sum of--  7i7 all        
deposits made into the ,u,s,account     
,fund and credited to the account under 
paragraph 7#c71 and  7ii7 the total     
amount of allocations made to and       
reductions made in the account pursuant 
to paragraph 7#d71 over  7,b7 the       
amounts paid out of the account with    
respect to such individual under        
subsection 7d74  7#c7 ,crediting of     
contributions ,pursuant to regulations  
which shall be prescribed by the        
,executive ,director1 the ,executive    
,director shall credit to each          
,u,s,account the amounts paid into the  
,u,s,account ,fund under section #c7;d7 
which are attributable to the account   
holder of such account4  7#d7           
,allocation of earnings and losses ,the 
,executive ,director shall allocate to  

each ,u,s,account an amount equal to the
 net earnings and net losses from each  
investment of sums in the ,u,s,account  
,fund which are attributable1 on a pro  
rata basis1 to sums credited to such    
account1 reduced by an appropriate share
 of the administrative expenses paid out
 of the net earnings1 as determined by  
the ,executive ,director4  7b7          
,qualifying child ,for purposes of this 
,act--  7#a7 ,in general ,the term      
qualifying child has the meaning given  
such term by section #bd7;c7 of the     
,internal ,revenue ,code of #aihf4  7#b7
 ,certification of account holders ,on  
the date on which a qualifying child is 
registered for a ,u,s,account1 the      
,secretary shall certify to the         
,executive ,director the name of such   
qualifying child4  7c7 ,private         
contributions  7#a7 ,in general ,the    
,executive ,director shall accept cash  
contributions for payment into the      
,u,s,account ,fund if such contribution 
is identified 7in such manner as the    

,executive ,director may require7 with  
the account holder of a ,u,s,account to 
whom it is to be credited at the time   
the contribution is made4  7#b7         
,alternative methods of contribution    
7,a7 ,payroll deduction ,under          
regulations prescribed by the ,executive
 ,director and at the election of the   
employer1 contributions under paragraph 
7#a7 may be made through payroll        
deductions4  7,b7 ,tax refunds ,under   
regulations prescribed by the           
,secretary1 contributions under         
paragraph 7#a7 may be made by an        
election to contribute all or a portion 
of the tax refund of the contributor4   
7#c7 ,annual limitation ,no contribution
 may be accepted under paragraph 7#a7-- 
7,a7 unless it is in cash1  7,b7 after  
the date on which the ,u,s,account      
holder ceases to be a qualifying child1 
and  7,c7 except in the case of matching
 contributions under subsection 7d71 if 
such contribution would result in       
aggregate contributions for the calendar

 year exceeding #b1jjj4  7d7 ,government
 matching contribution  7#a7 ,in general
 ,upon such showing as the ,executive   
,director may require to establish the  
basis for certification1 the ,executive 
,director shall1 with respect to each   
private contribution to the account of  
an account holder which is made before  
such account holder attains age #ah1    
certify to the ,secretary the matching  
amount with respect to such             
contribution4  7#b7 ,matching amount    
7,a7 ,in general ,for purposes of this  
subsection1 the term matching amount    
means1 an amount equal to #ajj percent  
of private contributions to the         
,u,s,account of an individual during any
 calendar year beginning after the      
calendar year in which the ,u,s,account 
is established1 not in excess of #ejj   
for the calendar year4  7,b7 ,phaseout  
based on earned income credit phaseout  
,the #ejj in subparagraph 7,a7 shall be 
reduced 7but not below zero7 by an      
amount equal to the phaseout percentage 

of so much of the adjusted gross income 
7or1 if greater1 the earned income7 of  
the taxpayer for the taxable year as    
exceeds the phaseout amount4 ,for       
purposes of this paragraph1 terms used  
in the preceding sentence which are used
 in section #cb of the ,internal        
,revenue ,code of #aihf shall have the  
meanings given such terms by such       
section #cb4  7#c7 ,private contribution
 ,for purposes of this subsection1 the  
term private contribution means a       
contribution accepted under subsection  
7c74  7e7 ,distributions  7#a7 ,in      
general ,no amount may be distributed   
from a ,u,s,account before the date on  
which the account holder attains the age
 of #ah4  7#b7 ,higher education        
expenses ,paragraph 7#a7 shall not apply
 to amounts paid for qualified tuition  
and related expenses 7as defined in     
section #be;,a7f77#a77 of the account   
holder if the account holder is an      
eligible student 7as defined in section 
#be;,a7b77#c77 with respect to such     

expenses4  7#c7 ,rollover ,distributions
 from a ,u,s,account after the date on  
which the account holder attains the age
 of #ah which1 within #fj days of such  
distribution1 are transferred to an     
individual retirement plan 7as defined  
in section #ggja7;a77#cg7 of the        
,internal ,revenue ,code of #aihf7 of   
the account holder shall be treated as a
 rollover contribution which meets the  
requirements of section #djh7;d77#c7 of 
such ,code4  7#d7 ,account termination  
7,a7 ,in general ,on the date on which  
the account holder attains age #ai1 the 
account shall cease to be treated as a  
,u,s,account and any remaining funds in 
the account shall be distributed to the 
account holder's retirement savings     
vehicle established pursuant to the     
,presidential ,memorandum on ,retirement
 ,savings ,security issued ,january #bh1
 #bjad4  7,b7 ,special rule relating to 
,my,i,r,a ,amounts transferred to a     
savings vehicle under subparagraph 7,a7 
may be distributed from such vehicles   

during the #aj-year period beginning on 
the date of such transfer without any   
penalty under the ,internal ,revenue    
,code of #aihf4  7f7 ,rights of legal   
guardian ,until the account holder of a 
,u,s,account attains age #ah1 any rights
 or duties of the account holder under  
this ,act with respect to such account  
shall be exercised or performed by the  
legal guardian of such account holder4  
7g7 ,private management  7#a7 ,in       
general ,the account holder of a        
,u,s,account may elect1 under           
regulations prescribed by the           
,secretary1 to transfer the ,u,s,account
 to a trustee who meets the requirements
 of paragraph 7#b74  7#b7 ,trustee      
requirements ,a trustee meets the       
requirements of this paragraph if the   
trustee--  7,a7 is a bank 7as defined in
 section #djh7n77 or another person who 
demonstrates to the satisfaction of the 
,secretary that the manner in which that
 person will administer the ,u,s,account
 will be consistent with the            

requirements of this ,act or who has so 
demonstrated with respect to any        
,u,s,account1  7,b7 agrees to a cap on  
its fees and costs1 as determined by the
 ,treasury1 for the management of       
,u,s,accounts1  7,c7 provides an        
investment fund that maximizes growth   
over time while minimizing risk1 and    
7,d7 provides the safeguards with       
respect to ,u,s,accounts required by the
 ,secretary4  7#c7 ,additional          
requirements ,for purposes of this      
subsection1 rules similar to the rules  
of paragraphs 7#c71 7#d71 and 7#e7 of   
section #djh of the ,internal ,revenue  
,code of #aihf shall apply4  7h7        
,adjustment for inflation  7#a7 ,in     
general ,for each calendar year         
beginning after #bjae1 the dollar       
amounts under sections #c7;d77#a71      
#d7;c77#c77;,c71 and #d7;d77#b7 shall   
each be increased by such dollar amount 
multiplied by the cost-of-living        
adjustment determined under section     
#a7;f77#c7 of the ,internal ,revenue    

,code of #aihf determined by            
substituting calendar year #bjad for    
calendar year #aiib in subparagraph 7,b7
 thereof4  7#b7 ,rounding ,if any amount
 adjusted under clause 7i7 is not a     
multiple of #ej1 such amount shall be   
rounded to the next lowest multiple of  
#ej4  #e4 ,assignment1 alienation1 and  
treatment of deceased individuals  7a7  
,assignment and alienation ,under       
regulations which shall be prescribed by
 the ,executive ,director1 rules        
relating to assignment and alienation   
applicable under chapter #hd of title   
#e1 ,united ,states ,code1 with respect 
to amounts held in accounts in the      
,thrift ,savings ,fund shall apply with 
respect to amounts held in ,u,s,accounts
 in the ,u,s,account ,fund4  7b7        
,treatment of accounts of deceased      
individuals ,in the case of a deceased  
account holder of a ,u,s,account which  
has an account balance greater than     
zero1 upon receipt of notification of   
such individual's death1 the ,executive 

,director shall close the account and   
shall transfer the balance in such      
account to the duly appointed legal     
representative of the estate of the     
deceased account holder1 or if there is 
no such representative1 to the person or
 persons determined to be entitled      
thereto under the laws of the domicile  
of the deceased account holder4  #f4    
,rules governing ,u,s,accounts relating 
to investment1 accounting1 and reporting
  7a7 ,default investment program ,the  
,u,s,account ,fund ,board shall         
establish a default investment program  
under which1 in a manner similar to a   
lifecycle investment program1 sums in   
each ,u,s,account are allocated to      
investment funds in the ,u,s,account    
,fund based on the amount of time before
 the account holder attains the age of  
#ah4 ,each account holder of a          
,u,s,account shall be enrolled in such  
program unless such account holder1 in  
such form and manner as prescribed by   
the ,executive ,director1 elects        

otherwise4  7b7 ,other rules  7#a7 ,in  
general ,under regulations which shall  
be prescribed by the ,executive         
,director1 and subject to the provisions
 of this ,act1 the following provisions 
shall apply with respect to the         
,u,s,account ,fund and accounts         
maintained in such ,fund in the same    
manner and to the same extent as such   
provisions relate to the ,thrift        
,savings ,fund and the accounts         
maintained in the ,thrift ,savings      
,fund3  7,a7 ,section #hdch of title #e1
 ,united ,states ,code 7relating to     
investment of the ,thrift ,savings      
,fund74  7,b7 ,section #hdci7;b7 of such
 title 7relating to engagement of       
independent qualified public            
accountant74  7,c7 ,section #hdci7;c7 of
 such title 7relating to periodic       
statements and summary descriptions of  
investment options74  7,d7 ,section     
#hdci7;d7 of such title 7relating to    
assumption of risk74  7#b7 ,application 
rules ,for purposes of paragraph 7#a71  

references in such sections #hdch and   
#hdci to an employee1 ,member1 former   
employee1 or former ,member shall be    
deemed references to an account holder  
of a ,u,s,account in the ,u,s,account   
,fund4  7c7 ,confidentiality and        
disclosure  7#a7 ,in general ,except as 
otherwise authorized by ,federal law1   
the ,u,s,account ,fund ,board1 the      
,executive ,director1 and any employee  
of the ,u,s,account ,fund ,board shall  
not disclose information with respect to
 the ,u,s,account ,fund and or any      
account maintained in such ,fund4  7#b7 
,disclosure to designee of beneficiary  
,the ,executive ,director may1 subject  
to such requirements and conditions as  
he may prescribe by regulations1        
disclose such information with respect  
to the ,u,s,account of the beneficiary  
to such person or persons as the        
beneficiary may designate in a request  
for or consent to such disclosure1 or to
 any other person at the beneficiary's  
request to the extent necessary to      

comply with a request for information or
 assistance made by the beneficiary to  
such other person4  #g4 ,u,s,account    
,fund ,board  7a7 ,in general ,there is 
established in the executive branch of  
the ,government a ,u,s,account ,fund    
,board4  7b7 ,composition1 duties1 and  
responsibilities ,subject to the        
provisions of this ,act1 the following  
provisions shall apply with respect to  
the ,u,s,account ,fund ,board in the    
same manner and to the same extent as   
such provisions relate to the ,federal  
,retirement ,thrift ,investment ,board3 
7#a7 ,section #hdgb of title #e1 ,united
 ,states ,code 7relating to composition 
of ,federal ,retirement ,thrift         
,investment ,board74  7#b7 ,section     
#hdgd of such title 7relating to        
,executive ,director74  7#c7 ,section   
#hdge of such title 7relating to        
investment policies74  7#d7 ,section    
#hdgf of such title 7relating to        
administrative provisions74  #h4        
,fiduciary responsibilities  7a7 ,in    

general ,under regulations of the       
,secretary of ,labor1 the provisions of 
sections #hdgg and #hdgh of title #e1   
,united ,states ,code1 shall apply in   
connection with the ,u,s,account ,fund  
and the accounts maintained in such     
,fund in the same manner and to the same
 extent as such provisions apply in     
connection with the ,thrift ,savings    
,fund and the accounts maintained in the
 ,thrift ,savings ,fund4  7b7           
,investigative authority ,any authority 
available to the ,secretary of ,labor   
under section #ejd of the ,employee     
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #aacd7 is hereby   
made available to the ,secretary of     
,labor1 and any officer designated by   
the ,secretary of ,labor1 to determine  
whether any person has violated1 or is  
about to violate1 any provision         
applicable under subsection 7a74  7c7   
,exculpatory provisions2 insurance  7#a7
 ,in general ,any provision in an       
agreement or instrument which purports  

to relieve a fiduciary from             
responsibility or liability for any     
responsibility1 obligation1 or duty     
under this ,act shall be void4  7#b7    
,insurance ,amounts in the ,u,s,account 
,fund available for administrative      
expenses shall be available and may be  
used at the discretion of the ,executive
 ,director to purchase insurance to     
cover potential liability of persons who
 serve in a fiduciary capacity with     
respect to the ,fund and accounts       
maintained therein1 without regard to   
whether a policy of insurance permits   
recourse by the insurer against the     
fiduciary in the case of a breach of a  
fiduciary obligation4  #i4 ,accounts    
disregarded in determining eligibility  
for ,federal benefits ,amounts in any   
,u,s,account shall not be taken into    
account in determining any individual's 
or household's financial eligibility    
for1 or amount of1 any benefit or       
service1 paid for in whole or in part   
with ,federal funds1 including student  

financial aid4  #aj4 ,reports ,the      
,executive ,director1 in consultation   
with the ,secretary1 shall annually     
transmit a written report to the        
,congress4 ,such report shall include-- 
7#a7 a detailed description of the      
status and operation of the ,u,s,account
 ,fund and the management of the        
,u,s,accounts1 and  7#b7 a detailed     
accounting of the administrative        
expenses in carrying out this ,act1     
including the ratio of such             
administrative expenses to the balance  
of the ,u,s,account ,fund and the       
methodology adopted by the ,executive   
,director for allocating such expenses  
among the ,u,s,accounts4  #aa4 ,tax     
provisions  7a7 ,tax treatment of       
,u,s,accounts  ,subchapter ,f of chapter
 #a of the ,internal ,revenue ,code of  
#aihf is amended by adding at the end   
the following new part3  ,,ix           
,u,s,account ,fund and ,u,s,accounts    
,sec4 #ecj;,a4 ,u,s,account ,fund and   
,u,s,accounts4  #ecj;,a4 ,u,s,account   

,fund and ,u,s,accounts  7a7 ,general   
,rule ,the ,u,s,account ,fund and       
,u,s,accounts shall be exempt from      
taxation under this subtitle4           
,notwithstanding the preceding sentence1
 a ,u,s,account shall be subject to the 
taxes imposed by section #eaa 7relating 
to imposition of tax on unrelated       
business income of charitable           
organizations74  7b7 ,definitions ,for  
purposes of this section1 the terms     
,u,s,account ,fund and ,u,s,account have
 the meanings given such terms by the   
,u,s,accounts3 ,investing in ,america's 
,future ,act of #bjad4  7c7 ,tax        
treatment of distributions ,any amount  
paid or distributed out of a            
,u,s,account--  7#a7 which meets the    
distribution rules of the ,u,s,accounts3
 ,investing in ,america's ,future ,act  
of #bjad shall not be includible in     
gross income1 and  7#b7 which does not  
meet the distribution rules of section  
#d7;d7 of such ,act shall be included in
 the gross income of the account holder4

  4  7b7 ,enforcement provisions        
relating to private management of       
,u,s,accounts  7#a7 ,excess             
contributions ,section #digc of the     
,internal ,revenue ,code of #aihf is    
amended--  7,a7 by striking or at the   
end of subsection 7a77#d71 by inserting 
or at the end of subsection 7a77#e71 and
 by inserting after subsection 7a77#e7  
the following new paragraph3  7#e7 a    
,u,s,account subject to management under
 section #d7;g7 of the ,u,s,accounts3   
,investing in ,america's ,future ,act of
 #bjad1  1 and  7,b7 by adding at the   
end the following new subsection3  7h7  
,excess contributions to privately      
managed ,u,s,accounts ,for purposes of  
this section1 in the case of a          
,u,s,account subject to management under
 section #d7;g7 of the ,u,s,accounts3   
,investing in ,america's ,future ,act of
 #bjad1 the term excess contributions   
means the sum of--  7#a7 the aggregate  
amount contributed for the taxable year 
to the account1 and  7#b7 the amount    

determined under this subsection for the
 preceding taxable year1 reduced by the 
sum of--  7,a7 the distributions out of 
the account1 and  7,b7 the excess 7if   
any7 of--  7i7 the maximum amount       
allowable as a contribution under       
section #d7;c77#c77;,c7 of the          
,u,s,accounts3 ,investing in ,america's 
,future ,act of #bjad for the taxable   
year1 over  7ii7 the amount contributed 
to the account for the taxable year4  4 
7#b7 ,prohibited transactions ,section  
#dige of the ,internal ,revenue ,code of
 #aihf is amended--  7,a7 by adding at  
the end of subsection 7c7 the following 
new paragraph3  7#g7 ,special rule for  
,u,s,accounts ,an individual for whose  
benefit a ,u,s,account subject to       
management under section #d7;g7 of the  
,u,s,accounts3 ,investing in ,america's 
,future ,act of #bjad shall be exempt   
from the tax imposed by this section    
with respect to any transaction         
concerning such account 7which would    
otherwise be taxable under this section7

 if1 with respect to such transaction1  
the account ceases to be a ,u,s,account 
by reason of the application of section 
#ecj;,a7c77#b7 to such account4  1 and  
7,b7 in subsection 7e77#a7 by           
redesignating subparagraph 7,g7 as      
subparagraph 7,h7 and by inserting after
 subparagraph 7,f7 the following new    
subparagraph3  7,g7 a ,u,s,account      
subject to management under section     
#d7;g7 of the ,u,s,accounts3 ,investing 
in ,america's ,future ,act of #bjad1  4 
7c7 ,increase in child tax credit  7#a7 
,in general ,section #bd of the         
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following3  7g7 ,u,s,account            
contributions ,for purposes of this     
section--  7#a7 ,in general ,the amount 
allowed as a credit under subsection 7a7
 shall be increased by the ,u,s,account 
contribution amount4  7#b7 ,u,s,account 
contribution amount ,the term           
,u,s,account contribution amount means  
with respect to each qualifying child   

the amount contributed by the taxpayer  
to the ,u,s,account of the taxpayer for 
the taxable year which is taken into    
account under section #d7;d77#b77;,b77i7
 of the ,u,s,accounts3 ,investing in    
,america's ,future ,act of #bjad4  7#c7 
,limitation ,the amount under paragraph 
7#b7 shall be reduced 7but not below    
zero7 under subsection 7b77#a7 in the   
same manner as the credit under         
subsection 7a7 is reduced under         
subsection 7b77#a74  7#d7 ,amount fully 
refundable ,the aggregate credits       
allowed to the taxpayer under subpart ,c
 shall be increased by the amount of the
 increase under this subsection and such
 amount--  7,a7 shall not be treated as 
a credit allowed under this subpart1 and
  7,b7 shall reduce the amount of credit
 otherwise allowable under subsection   
7a7 without regard to section #bf7;a74  
4  7#b7 ,effective date ,the amendment  
made by subsection 7a7 shall apply to   
taxable years beginning after ,december 
#ca1 #bjad4