,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hbjd ,,in ,,the ,,house ,,of ,,representatives ,september #aa1 #bjbj,mr4 ,cartwright 7for himself1 ,ms4 ,norton1 and ,mr4 ,grijalva7 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 ,labor1 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 children's savings accounts be disregarded for the purpose of determining eligibility to receive benefits under such ,acts1 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 and ,invest in ,tuition ,yearly ,act or the ,,csa ,,opportunity ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,children's savings account program ,the term children's savings account program refers to a program created or organized by a ,state1 local1 or ,federal ,government1 #eja7;c77#c7 nonprofit organization1 a school district1 or a college or university for the purpose of creating children's savings accounts4 7#b7 ,children's savings account ,the term children's savings account means a savings or investment account or trust created as part of a children's savings account program exclusively for the purpose of paying the qualified expenses of only individuals1 who1 when the account is created1 have not attained #ah years of age1 provided that it has the following requirements3 7,a7 ,if a savings or investment account is created-- 7i7 the account is held in a federally insured financial institution1 or a ,state-insured financial institution if a federally insured financial institution is not available1 or in an investment account by a custodian or third-party owner on behalf of the individuals1 if the custodian or third-party owner is a ,state1 local1 or ,federal ,government1 #eja7;c77#c7 nonprofit organization1 a school district1 or a college or university1 7ii7 the assets of the account will not be commingled with other property except in a common children's savings account1 trust fund1 or other common investment fund1 and 7iii7 any amount in the account that is attributable to a seed deposit1 matched deposit1 or other incentive provided by the children's savings account program may be paid or distributed from the account only for the purpose of paying qualified expenses of the individual4 7,b7 ,if a trust is created or organized1 the written governing instrument creating the trust contains the following requirements3 7i7 ,the trust is created on behalf of the individuals1 and the trustee is a ,state1 local1 or ,federal ,government1 #eja7;c77#c7 nonprofit organization1 a school district1 or a college or university4 7ii7 ,the assets of the trust will be invested in accordance with the direction of the trustee4 7iii7 ,the assets of the trust will not be commingled with other property except in a common trust fund or common investment fund4 7iv7 ,any amount in the trust that is attributable to a seed deposit1 matched deposit1 or other children's savings account program incentive may be paid or distributed from the trust only for the purpose of paying qualified expenses of the individual4 7#c7 ,qualified expenses ,the term qualified expenses means1 with respect to an individual1 expenses that are-- 7,a7 incurred after the individual receives a secondary school diploma or its recognized equivalent1 and 7,b7 for-- 7i7 postsecondary educational expenses 7as defined in section #ebi of the ,internal ,revenue ,code of #aihf7 of the individual1 7ii7 the purchase of a first home by the individual1 or 7iii7 the capitalization of a business owned by the individual4 ,i ,amendments to the ,social ,security ,act #aja4 ,children'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 added by section #aja7;a7 of this ,act1 is amended-- 7#a7 in the heading1 by inserting 1 and value of a children's savings account after program2 and 7#b7 by inserting after #aihf7 the following3 and the value of any children's savings account 7as defined in section #b of the ,,csa ,,opportunity ,act74 7b7 ,penalty for noncompliance ,section #dji7;a77#ag7 of such ,act 7#db ,u4,s4,c4 #fji7;a77#ag771 as added by section #aja7;b77#a7 of this ,act1 is amended in the paragraph heading1 by inserting or value of a children's savings account after program4 #ajb4 ,exclusion of children'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 children'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;b7e77#e77 is amended by inserting of this ,act or section #b of the ,,csa ,,opportunity ,act before the period4 ,,ii ,amendment to the ,food and ,nutrition ,act of #bjjh #bja4 ,exclusion of children'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 ,children'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 children's savings account4 7,b7 ,children's savings account ,for purposes of subparagraph 7,a71 the term children'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 #cja4 ,exclusion of certain accounts from calculation 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 certain accounts from calculation 7,a7 ,exclusion ,the determination of the income or assets of a household for purposes of eligibility under this section shall be made without regard to the value of funds in any children's savings account4 7,b7 ,children's savings account ,for purposes of subparagraph 7,a71 the term children's savings account has the meaning given such term in section #b of the ,,csa ,,opportunity ,act4 4