,,ii  #aai? ,,congress  #b;d ,session   
,s4 #djbf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #i1 #bjbf,mr4     
,scott ( ,florida introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 create ,am]ican dream acc\nts4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,am]ican ,dream ,acc\nts ,act ( #bjbf4  
#b4 ,am]ican dream acc\nts  7a7 ,9 g5]al
 ,sub*apt] ,f ( *apt] #a ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new "p3  ,x ,am]ican  
dream acc\nts  ,sec4 #ecj;,b4 ,am]ican  
dream acc\nts4  #ecj;,b4 ,am]ican dream 
acc\nts  7a7 ,g5]al rule ,an ,am]ican   
dream acc\nt %all be exempt f taxation  
"u ?is subtitle4 ,not)/&+ ! prec$+      
s5t5ce1 su* acc\nt %all be subject to ! 
taxes impos$ by section #eaa 7relat+ to 
imposition ( tax on unrelat$ bus9ess    
income ( *>itable organizations74  7b7  
,am]ican dream acc\nt  ,= purposes ( ?is
 section-- 7#a7 ,9 g5]al ,! t]m ,am]ican

 dream acc\nt means a tru/ creat$ or    
organiz$ 9 ! ,unit$ ,/ates = ! exclusive
 b5efit ( an eligible individual & :i*  
is designat$ 79 su* mann] z ! ,secret>y 
%all prescribe7 at ! "t ( ! e/abli%m5t (
 ! tru/ z an ,am]ican dream acc\nt1 b   
only if ! writt5 gov]n+ in/rum5t creat+ 
! tru/ meets ! foll[+ requirem5ts3  7,a7
 ,no contribution w be accept$-- 7i7    
unless x is 9 ca%1  7ii7 aft] ! date !  
b5efici>y makes a qualifi$ fir/-"t      
homebuy] di/ribution or a rollov]       
di/ribution describ$ 9 clause 7ii7 or   
7iii7 ( subsection 7d77#e77;,a71 &      
7iii7 except 9 ! case ( a rollov]       
contribution1 if su* contribution w\ld  
result 9 aggregate contributions to all 
,am]ican dream acc\nts ( ! b5efici>y = !
 cal5d> ye> 9 excess ( ! am\nt det]m9$  
"u subsection 7c74  7,b7 ,! tru/ee is a 
bank 7z def9$ 9 section #djh7n77 or     
ano!r p]son :o demon/rates to !         
satisfaction ( ! ,secret>y t ! mann] 9  
:i* t p]son w adm9i/] ! tru/ w be       
consi/5t ) ! requirem5ts ( ?is section  

or :o has s demon/rat$ ) respect to any 
individual retirem5t plan4  7,c7 ,no "p 
( ! tru/ funds w be inve/$ 9 life       
insurance contracts4  7,d7 ,! assets ( !
 tru/ %all n be comm+l$ ) o!r prop]ty   
except 9 a common tru/ fund or common   
inve/m5t fund4  7,e7 ,! int]e/ ( an     
individual 9 ! balance ( 8 acc\nt is    
non=feitable4  7,f7 ,! tru/ee requires !
 b5efici>y to annually atte/1 to ! be/ (
 _! k1 to any contributions made to any 
o!r ,am]ican dream acc\nt e/abli%$ = !  
b5efit ( ! same b5efici>y4  7#b7        
,eligible individual  ,! t]m eligible   
individual means any individual :o is a 
citiz5 ( ! ,unit$ ,/ates4  7c7          
,contribution limitation  7#a7  ,9 g5]al
  ,! am\nt det]m9$ "u ?is subsection is 
! less] (--  7,a7 #g1ejj1 or  7,b7      
#bej1jjj1 r$uc$ by ! aggregate am\nt (  
contributions made to all ,am]ican dream
 acc\nts ( ! b5efici>y = su* taxable ye>
 & all prior taxable ye>s4  7#b7        
,cat*up contributions  ,9 ! case ( an   
,am]ican dream acc\nt ! b5efici>y ( :i* 

has atta9$ ! age ( #ce be=e ! close ( ! 
cal5d> ye>1 p>agraph 7#a77;,a7 %all be  
appli$ by sub/itut+ #aj1jjj = #g1ejj4   
7#c7  ,treatm5t ( rollov] contributions 
,= purposes ( ?is subsection-- 7,a7 any 
rollov] contribution describ$ 9         
subsection 7d77#e7 %all n be tak5 into  
acc\nt = purposes ( det]m9+ ! am\nt (   
contribution "u p>agraph 7#a77;,a71 &   
7,b7 a rollov] contribution describ$ 9  
subsection 7d77#e77;,a77i7 %all n be    
tak5 into acc\nt = purposes ( det]m9+ ! 
am\nt "u p>agraph 7#a77;,b74  7d7  ,tax 
treatm5t ( di/ributions  7#a7  ,9 g5]al 
,except z provid$ 9 p>agraph 7#b71 any  
di/ribution %all be includible 9 ! gross
 income ( ! di/ributee 9 ! mann] provid$
 9 section #gb4  7#b7  ,qualifi$ fir/-"t
 homebuy] di/ributions  7,a7  ,9 g5]al  
,except z provid$ 9 subp>agraph 7,b71   
any am\nt paid or di/ribut$ out ( an    
,am]ican dream acc\nt :i* is a qualifi$ 
fir/-"t homebuy] di/ribution %all n be  
includible 9 gross income4  7,b7        
,qualifi$ fir/-"t homebuy] di/ribution  

,= purposes ( ?is section1 ! t]m        
qualifi$ fir/-"t homebuy] di/ribution   
has ! mean+ giv5 su* t]m "u section     
#gb7t77#h71 det]m9$ )\t reg>d to        
subp>agraph 7,b7 !re( & by sub/itut+    
#c-ye> p]iod = #b-ye> p]iod 9           
subp>agraph 7,d77i77,i7 !re(4  7,c7     
,limitations  7i7  ,doll> limitation    
7,i7  ,9 g5]al  ,! am\nt treat$ z a     
qualifi$ fir/-"t homebuy] di/ribution "u
 subp>agraph 7,a7 %all n exce$ #ejj1jjj4
  7,,ii7  ,special rule  ,9 any case 9  
:i* !re is a di/ribution ) respect to a 
resid5ce :i* is acquir$ by ! b5efici>y &
 ano!r p]son jo9tly & su* o!r p]son     
makes di/ributions f an ,am]ican dream  
acc\nt 9 connection ) su* acquisition1  
subclause 7,i7 %all be appli$ by        
sub/itut+ #bej1jjj = #ejj1jjj4  7ii7    
,lifetime limitation  ,no am\nt %all be 
treat$ z a qualifi$ fir/-"t homebuy]    
di/ribution if ! b5efici>y has previ\sly
 made a qualifi$ fir/-"t home buy]      
di/ribution f an ,am]ican dream acc\nt 9
 any prec$+ ye>4  7,d7  ,am\nt includ$ 9

 income 9 ye> sold be=e #c ye>s  7i7  ,9
 g5]al  ,if ! pr9cipal resid5ce acquir$ 
by ! taxpay] 9 a di/ribution describ$ 9 
subp>agraph 7,a7 is sold be=e ! date t  
is #c ye>s aft] ! date on :i* su*       
pr9cipal resid5ce 0 acquir$1 ! am\nt :i*
 w\ld h be5 includ$ 9 gross income 9 !  
ye> ( ! di/ribution %all be includ$ 9   
gross income 9 ! ye> 9 :i* su* pr9cipal 
resid5ce is sold4  7ii7  ,exceptions    
,clause 7i7 %all n apply to any sale if1
 dur+ ! p]iod describ$ 9 su* clause1 "o 
( ! foll[+ ev5ts occurs3  7,i7 ,! dea? (
 ! taxpay] or ! sp\se ( ! taxpay]4      
7,,ii7 ,a *ange 9 ! legal m>ital /atus (
 ! taxpay]4  7,,iii7 ,a *ange 9 ! numb] 
( ! dep5d5ts ( ! taxpay]4  7,,iv7 ,!    
t]m9ation ( ! employm5t ( ! taxpay] or !
 taxpay]'s sp\se4  7,v7 ,a *ange 9 !    
requir$ location ( employm5t 7includ+ 9 
connection ) ,gov]nm5t ord]s receiv$ by 
! taxpay]1 or ! taxpay]'s sp\se7 =      
qualifi$ (ficial ext5d$ duty s]vice 7z  
def9$ 9 section #cf7;f77#d77;,e77 to a  
location ( #ej or m miles f ! previ\s   

location ( employm5t4  7#c7  ,special   
rules = apply+ e/ate & gift taxes )     
respect to acc\nt  ,rules simil> to !   
rules ( p>agraphs 7#b71 7#d71 & 7#e7 (  
section #ebi7;c7 %all apply = purposes (
 ?is section4  7#d7  ,additional tax =  
di/ributions n us$ = qualifi$ exp5ses   
7,a7  ,9 g5]al  ,! tax impos$ by ?is    
*apt] = any taxable ye> on any taxpay]  
:o receives a paym5t or di/ribution f an
 ,am]ican dream acc\nt :i* is includible
 9 gross income %all be increas$ by #aj 
p]c5t ( ! am\nt :i* is s includible4    
7,b7  ,exceptions  ,subp>agraph 7,a7    
%all n apply if ! paym5t or di/ribution 
is--  7i7 made to ! b5efici>y 7or to !  
e/ate ( ! b5efici>y7 on or aft] ! dea? (
 ! b5efici>y1 or  7ii7 attributable to !
 b5efici>y's be+ disabl$ 7)9 ! mean+ (  
section #gb7m77#g771  7,c7              
,contributions return$ be=e c]ta9 date  
,rules simil> to ! rules ( section      
#ecj7;d77#d77;,c7 %all apply = purposes 
( ?is p>agraph4  7#e7  ,rollov]         
contributions  7,a7  ,9 g5]al  ,p>agraph

 7#a7 %all n apply to any am\nt paid or 
di/ribut$ f an ,am]ican dream acc\nt to 
! ext5t t ! am\nt receiv$ is paid1 n    
lat] ?an ! #fj? day aft] ! date ( su*   
paym5t or di/ribution1 into--  7i7 ano!r
 ,am]ican dream acc\nt = ! b5efit ( !   
same b5efici>y1  7ii7 ano!r ,am]ican    
dream acc\nt ! b5efici>y ( :i* 7ref]r$  
to 9 ?is p>agraph z a transf]ee         
b5efici>y7 is a memb] ( ! family ( !    
b5efici>y ( ! ,am]ican dream acc\nt )   
respect to :i* ! di/ribution 0 made1 or 
7iii7 a ,ro? ,,ira ma9ta9$ = ! b5efit ( 
! same b5efici>y4  7,b7  ,*ange 9       
designat$ b5efici>ies at dea?  ,9 ! case
 ( ! dea? ( a b5efici>y1 a *ange 9 !    
b5efici>y ( an ,am]ican dream acc\nt    
%all n be treat$ z a di/ribution =      
purposes ( p>agraph 7#a7 if ! new       
b5efici>y is a memb] ( ! family ( ! old 
b5efici>y4 ,! prec$+ s5t5ce %all n apply
 to ! ext5t ( any am\nt 9 excess ( !    
doll> am\nt 9 effect "u subsection      
7c77#a77;,b74  7,c7  ,limitations on    
same-b5efici>y rollov]s  ,subp>agraph   

7,a77i7 %all n apply to any paym5t or   
di/ribution if x appli$ to any prior    
paym5t or di/ribution dur+ ! #ab-mon?   
p]iod end+ on ! date ( ! paym5t or      
di/ribution4  7,d7  ,doll> limitations  
7i7  ,annual limitation = transf]s to   
o!r b5efici>ies  ,subp>agraph 7,a77ii7  
%all only apply to s mu* ( any          
di/ribution--  7,i7 :i* is paid 9 a     
direct tru/ee-to-tru/ee transf]1 &      
7,,ii7 z does n exce$ ! am\nt applicable
 to ! transf]ee b5efici>y "u subsection 
7c7 = ! taxable ye> 7r$uc$ by ! am\nt ( 
aggregate contributions made dur+ !     
taxable ye> to all ,am]ican dream       
acc\nts ma9ta9$ = ! b5efit ( ! transf]ee
 b5efici>y74  7ii7  ,annual limitation =
 ,ro? ,i,r,as  ,subp>agraph 7,a77iii7   
%all only apply to s mu* ( any          
di/ribution--  7,i7 :i* is paid 9 a     
direct tru/ee-to-tru/ee transf]1 &      
7,,ii7 z does n exce$ ! am\nt applicable
 to ! b5efici>y "u section              
#djh;,a7c77#b7 = ! taxable ye> 7r$uc$ by
 ! am\nt ( aggregate contributions made 

dur+ ! taxable ye> to all individual    
retirem5t plans ma9ta9$ = ! b5efit ( !  
b5efici>y74  7iii7  ,lifetime acc\nt    
limitation  ,clauses 7ii7 & 7iii7 (     
subp>agraph 7,a7 %all n apply to any    
paym5t or di/ribution made f an ,am]ican
 dream acc\nt if ! aggregate am\nt (    
paym5ts or di/ributions made f su*      
acc\nt dur+ ! taxable ye> & all prior   
taxable ye>s to :i* su* clauses appli$  
7det]m9$ )\t reg>d to ?is subp>agraph7  
exce$s #ajj1jjj4  7,e7  ,memb] ( family 
,= purposes ( ?is p>agraph1 ! t]m memb] 
( ! family has ! same mean+ giv5 su* t]m
 "u section #ebi7;e77#b74  7#f7         
,special rules = dea? & divorce  ,rules 
simil> to ! rules ( p>agraphs 7#g7 &    
7#h7 ( section #bbj7;f7 %all apply4  7e7
  ,tax treatm5t ( acc\nts  ,rules simil>
 to ! rules ( p>agraphs 7#b7 & 7#d7 (   
section #djh7;e7 %all apply to any      
,am]ican dream acc\nt4  7f7  ,community 
prop]ty laws  ,?is section %all be      
appli$ )\t reg>d to any community       
prop]ty laws4  7g7  ,cu/odial acc\nts   

,= purposes ( ?is section1 a cu/odial   
acc\nt %all be treat$ z a tru/ "u ?is   
section if ! assets ( su* acc\nt are    
held by a bank 7z def9$ 9 section       
#djh7n77 or ano!r p]son :o demon/rates1 
to ! satisfaction ( ! ,secret>y1 t !    
mann] 9 :i* he w adm9i/] ! acc\nt w be  
consi/5t ) ! requirem5ts ( ?is section1 
& if ! cu/odial acc\nt w\ld1 except = ! 
fact t x is n a tru/1 con/itute a tru/  
:i* meets ! requirem5ts ( subsection    
7b74 ,= purposes ( ?is title1 9 ! case (
 a cu/odial acc\nt treat$ z a tru/ by   
reason ( ! prec$+ s5t5ce1 ! cu/odian (  
su* acc\nt %all be treat$ z ! tru/ee    
!re(4  7h7  ,reports  7#a7  ,9 g5]al  ,!
 tru/ee ( an ,am]ican dream acc\nt %all 
make su* reports reg>d+ su* acc\nt to ! 
,secret>y & to ! b5efici>y ) respect to 
contributions1 di/ributions1 & su* o!r  
matt]s z ! ,secret>y may require4 ,!    
reports requir$ by ?is subsection %all  
be fil$ at su* "t & 9 su* mann] &       
furni%$ to su* individuals at su* "t & 9
 su* mann] z may be requir$4  7#b7      

,rollov] di/ributions  ,9 ! case ( any  
di/ribution describ$ 9 subsection       
7d77#e77;,d71 ! (fic] or employee hav+  
control ( ! ,am]ican dream acc\nt 7or _!
 designee7 %all provide a report to !   
tru/ee ( ! ,ro? ,,ira or ,am]ican dream 
acc\nt to :i* ! di/ribution is made4    
,su* report %all be fil$ at su* "t & 9  
su* mann] z ! ,secret>y may require &   
%all include in=mation ) respect to !   
contributions1 di/ributions1 & e>n+s ( !
 ,am]ican dream acc\nt z ( ! date ( !   
di/ribution describ$ 9 subsection       
7d77#e77;,d71 toge!r ) su* o!r matt]s z 
! ,secret>y may require4  4  7b7 ,tax on
 excess contributions  7#a7 ,9 g5]al    
,section #digc7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ or at ! 
end ( p>agraph 7#e71 by ins]t+ or at !  
end ( p>agraph 7#f71 & by ins]t+ aft]   
p>agraph 7#f7 ! foll[+ new p>agraph3    
7#g7 an ,am]ican dream acc\nt 7z def9$ 9
 section #ecj;,b71  4  7#b7 ,excess     
contribution ,section #digc ( su* ,code 
is am5d$ by add+ at ! end ! foll[+ new  

subsection3  7i7 ,excess contributions  
to ,am]ican dream acc\nts ,= purposes ( 
?is section-- 7#a7 ,9 g5]al ,9 ! case ( 
,am]ican dream acc\nts 7)9 ! mean+ (    
section #ecj;,b71 ! t]m excess          
contributions means ! sum (-- 7,a7 !    
am\nt 7if any7 by :i* ! am\nt contribut$
 = ! taxable ye> to su* acc\nts exce$s !
 doll> am\nt 9 effect "u section        
#ecj;,b7c7 ) respect to ! b5efici>y1 &  
7,b7 ! am\nt det]m9$ "u ?is subsection =
 ! prec$+ taxable ye>1 r$uc$ by ! sum   
(-- 7i7 ! di/ributions out ( ! acc\nts =
 ! taxable ye> 7o!r ?an rollov]         
di/ributions71 &  7ii7 ! excess 7if any7
 ( ! maximum am\nt :i* may be contribut$
 to ! acc\nts = ! taxable ye> ov] !     
am\nt contribut$ to ! acc\nts = !       
taxable ye>4  7#b7 ,special rule ,=     
purposes ( p>agraph 7#a71 ! foll[+      
contributions %all n be tak5 into       
acc\nt3 7,a7 ,any contribution :i* is   
di/ribut$ out ( an ,am]ican dream acc\nt
 9 a di/ribution to :i* section         
#ecj;,b7d77#d77;,c7 applies4  7,b7 ,any 

rollov] contribution4  4  7c7 ,tax on   
prohibit$ transactions ,section         
#dige7;e77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ or at ! end (
 subp>agraph 7,f71 by /rik+ ! p]iod at !
 end ( subp>agraph 7,g7 & ins]t+ 1 or1 &
 by add+ at ! end ! foll[+ new          
subp>agraph3  7,h7 an ,am]ican dream    
acc\nt 7z def9$ 9 section #ecj;,b74  4  
7d7 ,failure ,to provide reports on     
,am]ican dream acc\nts ,p>agraph 7#b7 ( 
section #ffic7;a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ & at !  
end ( subp>agraph 7,f71 by /rik+ ! p]iod
 at ! end ( subp>agraph 7,g7 & ins]t+ 1 
&1 & by add+ at ! end ! foll[+ new      
subp>agraph3  7,h7 section #ecj;,b7h7   
7relat+ to ,am]ican dream acc\nts74  4  
7e7 ,rollov]s to ,ro? ,i,r,as ,section  
#djh;,a7e7 ( ! ,int]nal ,rev5ue ,code ( 
#aihf 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 f an ,am]ican dream  

acc\nt to ! ext5t provid$ 9 section     
#ecj;,b7d77#e77;,a77iii74  4  7f7       
,cl]ical am5dm5t ,! table ( p>ts =      
sub*apt] ,f ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,,"p       
,x--,am]ican ,dream ,acc\nts  4  7g7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbf4