,i #aacth ,,congress #b;d ,session ,h4 ,r4 #eghc ,,in ,,the ,,house ,,of ,,representatives ,december #c1 #bjad ,mr4 ,cartwright 7for himself1 ,mr4 ,ribble1 ,mr4 ,hinojosa1 ,ms4 ,norton1 ,ms4 ,schwartz1 ,mr4 ,smith of ,washington1 ,ms4 ,titus1 ,ms4 ,tsongas1 and ,mr4 ,hastings of ,florida7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,agriculture1 ,energy and ,commerce1 and ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,social ,security ,act1 the ,food and ,nutrition ,act of #bjjh1 and the ,low-,income ,home ,energy ,assistance ,act of #aiha to require that the value of child's savings accounts be disregarded for the purpose of determining eligibility to receive benefits under such ,acts2 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,children's ,savings ,accounts ,offer ,parents ,plenty ,of ,reasons ,to ,understand a,nd ,invest in ,tuition ,yearly ,act or the ,,csa ,,opportunity ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,child's savings account ,the term child's savings account means a trust created or organized exclusively for the purpose of paying the qualified expenses of only an individual who1 when the trust is created or organized1 has not attained #ah years of age1 if the written governing instrument creating the trust contains the following requirements3 7,a7 ,the trustee is a federally insured financial institution1 or a ,state insured financial institution if a federally insured financial institution is not available4 7,b7 ,the assets of the trust will be invested in accordance with the direction of the individual or of a parent or guardian of the individual1 after consultation with the entity providing the initial contribution to the trust or1 if applicable1 a matching or other contribution for the individual4 7,c7 ,the assets of the trust will not be commingled with other property except in a common trust fund or common investment fund4 7,d7 ,any amount in the trust that is attributable to an account seed or matched deposit may be paid or distributed from the trust only for the purpose of paying qualified expenses of the individual4 7#b7 ,qualified expenses ,the term qualified expenses means1 with respect to an individual1 expenses that-- 7,a7 are incurred after the individual receives a secondary school diploma or its recognized equivalent2 and 7,b7 are-- 7i7 postsecondary educational expenses 7as defined in section #ebi of the ,internal ,revenue ,code of #aihf7 of the individual2 7ii7 for the purchase of a first home by the individual2 or 7iii7 for the capitalization of a business owned by the individual4 ,i ,amendments to the ,social ,security ,act #aja4 ,interest in1 and distribution from1 a qualified tuition program required to be disregarded under the ,,tanf program 7a7 ,in general ,section #djh7;a7 of the ,social ,security ,act 7#db ,u4,s4,c4 #fjh7;a77 is amended by adding at the end the following3 7#ac7 ,requirement to disregard interest in and distribution from1 a qualified tuition program ,a ,state to which a grant is made under section #djc shall disregard the value of any interest in1 or distribution from1 a qualified tuition program 7as defined in section #ebi7;b7 of the ,internal ,revenue ,code of #aihf71 in determining the eligibility of1 and the amount or type of assistance to be provided to an individual or family under the ,state program funded under this part4 4 7b7 ,penalty for noncompliance 7#a7 ,in general ,section #dji7;a7 of such ,act 7#db ,u4,s4,c4 #fji7;a77 is amended by adding at the end the following3 7#ag7 ,penalty for failure to disregard interest in1 or distribution from1 a qualified tuition program 7,a7 ,in general ,if the ,secretary finds that a ,state to which a grant is made under section #djc for a fiscal year has failed to comply with section #djh7;a77#ac7 during the fiscal year1 the ,secretary shall reduce the grant otherwise payable to the ,state under section #djc7;a77#a7 for the succeeding fiscal year by the percentage specified in subparagraph 7,b7 of this paragraph4 7,b7 ,amount of reduction ,the reduction required under subparagraph 7,a7 shall be-- 7i7 not less than #a nor more than #b percent2 7ii7 not less than #b nor more than #c percent1 if the finding is the #bnd consecutive finding made pursuant to subparagraph 7,a72 or 7iii7 not less than #c nor more than #e percent1 if the finding is the #crd or a subsequent consecutive such finding4 4 7#b7 ,no exception for reasonable cause ,section #dji7;b77#b7 of such ,act 7#db ,u4,s4,c4 #fji7;b77#b77 is amended by striking or 7#ac7 and inserting 7#ac71 or 7#ag74 #ajb4 ,exclusion of interest in1 and distribution from1 a qualified tuition program from resources under the ,,ssi program ,section #afac7;a7 of the ,social ,security ,act 7#db ,u4,s4,c4 #achb;b7a77 is amended-- 7#a7 by striking and at the end of paragraph 7#af72 7#b7 by striking the period at the end of paragraph 7#ag7 and inserting 2 and2 and 7#c7 by inserting after paragraph 7#ag7 the following3 7#ah7 the value of any interest in1 or distribution from1 a qualified tuition program 7as defined in section #ebi7;b7 of the ,internal ,revenue ,code of #aihf74 4 #ajc4 ,child's savings account required to be disregarded under the ,,tanf program 7a7 ,in general ,section #djh7;a77#ac7 of the ,social ,security ,act 7#db ,u4,s4,c4 #fjh7;a771 as amended by section #aja7;a7 of this ,act1 is amended-- 7#a7 by striking 7#ac7 and all that follows through ,a ,state and inserting the following3 7#ac7 ,requirement to disregard interest in1 and distribution from1 a qualified tuition program1 and value of a child's savings account 7,a7 ,in general ,a ,state 2 and 7#b7 by inserting and the value of any child's savings account 7as defined in section #b of the ,,csa ,,opportunity ,act7 after #aihf74 7b7 ,penalty for noncompliance ,section #dji7;a77#ag7 of such ,act 7#db ,u4,s4,c4 #fjh7;a77#ag771 as added by section #aja7;b77#a7 of this ,act1 is amended in the paragraph heading1 by inserting or value of a child's savings account after program4 #ajd4 ,exclusion of child's savings account from resources under the ,,ssi program 7a7 ,in general ,section #afac7;a7 of the ,social ,security ,act 7#db ,u4,s4,c4 #achb;b7a771 as amended by section #ajb of this ,act1 is amended-- 7#a7 by striking and at the end of paragraph 7#ag72 7#b7 by striking the period at the end of paragraph 7#ah7 and inserting 2 and2 and 7#c7 by inserting after paragraph 7#ah7 the following3 7#ai7 any child's savings account 7as defined in section #b of the ,,csa ,,opportunity ,act71 including accrued interest or other earnings thereon4 4 7b7 ,conforming amendment ,section #afac7;e77#e7 of such ,act 7#db ,u4,s4,c4 #achb;b7 is amended by inserting of this ,act or section #b of the ,,csa ,,opportunity ,act before the period4 7c7 ,technical amendments ,effective immediately after the repeal of the ,improving ,access to ,clinical ,trials ,act of #bjji 7,public ,law #aaa-bee71 section #afac7;a7 of the ,social ,security ,act 7#db ,u4,s4,c4 #achb;b7a771 as amended by the preceding provisions of this ,act1 is amended-- 7#a7 by striking and at the end of paragraph 7#ae72 7#b7 by striking and at the end of paragraph 7#af72 and 7#c7 by striking paragraph 7#ag7 and redesignating paragraphs 7#ah7 and 7#ai7 as paragraphs 7#ag7 and 7#ah71 respectively4 ,,ii ,amendment to the ,food and ,nutrition ,act of #bjjh #bja4 ,exclusion of child's savings accounts from resources under the supplemental nutrition assistance program ,section #e7;g7 of the ,food and ,nutrition ,act of #bjjh 7#g ,u4,s4,c4 #bjad7;g77 is amended by adding at the end the following3 7#i7 ,exclusion of ,child's ,savings ,accounts ,from ,allowable ,financial ,resources 7,a7 ,exclusion ,the ,secretary shall exclude from financial resources under this subsection the value of funds in any child's savings account4 7,b7 ,child's savings account ,for purposes of subparagraph 7,a71 the term child's savings account has the meaning given such term in section #b of the ,,csa ,,opportunity ,act4 4 ,,iii ,amendment to ,low-,income ,home ,energy ,assistance ,act of #aiha #bja4 ,exclusion of child's savings accounts from resources under the ,low-,income ,home ,energy ,assistance ,program ,section #bfje7;f7 of the ,low-,income ,home ,energy ,assistance ,act of #aiha 7#db ,u4,s4,c4 #hfbd7;f77 is amended by adding at the end the following3 7#c7 ,exclusion of ,child's ,savings ,accounts ,from ,allowable ,financial ,resources 7,a7 ,exclusion ,the income of a household shall be determined under this section without regard to the value of funds in any child's savings account4 7,b7 ,child's savings account ,for purposes of subparagraph 7,a71 the term child's savings account has the meaning given such term in section #b of the ,,csa ,,opportunity ,act4 4