Trump Accounts for All Generations Act
- Bill Number
- H.R. 8313
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Taxation
- Status
- Introduced
- Latest Action
- 2026-04-15: Referred to the House Committee on Ways and Means.
- Last Updated
- 2026-07-01T08:08:06Z
AI-Generated Summary
Purpose
The "Trump Accounts for All Generations Act" (H.R. 8313) aims to make the Trump Accounts Contribution Pilot Program a permanent part of U.S. tax law and enhance it with inflation adjustments. This program, under Section 6434 of the Internal Revenue Code (IRC), provides a tax benefit—likely a refundable credit—for contributions up to $1,000 to special savings accounts called "Trump accounts."
Key Provisions
- Permanent Extension: Removes the program's expiration date (previously ending before January 1, 2029), allowing it to continue indefinitely.
- Inflation Adjustment: Starting in taxable years after 2028, the $1,000 contribution amount increases annually based on the cost-of-living adjustment (similar to how tax brackets adjust for inflation), rounded to the nearest $100. The base year for this adjustment is 2027.
- Conforming Changes: Updates law references by removing "pilot" from section headings, tables of contents, and related provisions (e.g., sections 6213 and 6659).
- Effective Date: Applies to taxable years beginning after December 31, 2026.
Significant Changes to Existing Law
- Transforms a temporary "pilot" program into a permanent tax provision.
- Introduces automatic inflation indexing for the contribution limit, which was not previously included.
- Streamlines terminology by eliminating "pilot" references, signaling full integration into the IRC.
Potential Impacts
- On Citizens: Expands long-term access to a $1,000 (inflation-adjusted) tax credit for Trump account contributions, potentially encouraging savings (e.g., for children or future generations) and reducing tax liability for eligible individuals.
- On Government Agencies: Increases ongoing administrative workload for the IRS to process claims and adjust amounts annually; creates a permanent tax expenditure (forgone revenue) affecting federal budgets.
- No Direct International Relations Impact: Primarily domestic tax policy.
Main Stakeholders
- Taxpayers: Individuals (e.g., parents or guardians) eligible to claim the credit for contributions to Trump accounts.
- IRS and Treasury Department: Responsible for implementation, enforcement, and inflation calculations.
- Congress: Gains oversight of a permanent program with fiscal implications.
Notable Legal, Constitutional, or Political Implications
- Legal: Solidifies the program within the IRC, reducing uncertainty from its prior temporary status; no challenges to constitutionality apparent.
- Fiscal/Political: Establishes a recurring cost to the U.S. Treasury (estimated via future revenue loss models), potentially influencing budget debates; named after a former president, which may carry political symbolism but is neutral in the bill's text.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (20)
Rep. Moore, Blake D. [R-UT-1], Rep. Jack, Brian [R-GA-3], Rep. Kelly, Mike [R-PA-16], Rep. Yakym, Rudy [R-IN-2], Rep. Houchin, Erin [R-IN-9], Rep. Moran, Nathaniel [R-TX-1], Rep. Mace, Nancy [R-SC-1], Rep. Fong, Vince [R-CA-20], Rep. Hamadeh, Abraham J. [R-AZ-8], Rep. Grijalva, Adelita S. [D-AZ-7], Rep. Hinson, Ashley [R-IA-2], Rep. Miller-Meeks, Mariannette [R-IA-1], Rep. Nunn, Zachary [R-IA-3], Rep. Feenstra, Randy [R-IA-4], Rep. McCormick, Richard [R-GA-7], Rep. Meuser, Daniel [R-PA-9], Rep. Webster, Daniel [R-FL-11], Rep. Miller, Carol D. [R-WV-1], Rep. Moore, Tim [R-NC-14], Rep. Fuller, Clay [R-GA-14]
Recent Actions
- 2026-04-15: Referred to the House Committee on Ways and Means.
- 2026-04-15: Introduced in House
- 2026-04-15: Introduced in House
Bill Versions
- Trump Accounts for All Generations Act — issued 2026-04-15 — PDF (3 pages)