Establishes Universal Savings Accounts as tax-exempt trusts for individual benefit, with specific contribution limits and rules.

The bill amends the Internal Revenue Code to create Universal Savings Accounts, which are tax-exempt trusts for individual benefit. These accounts have specific contribution limits and rules, including a maximum annual contribution of $10,000 plus an additional $500 for each year after 2024, up to $25,000. Contributions must be in cash and cannot exceed the specified limit. Distributions from these accounts are generally not includible in gross income, except for net income attributable to excess contributions.

Establishes Universal Savings Accounts as tax-exempt trusts for individual benefit, with specific contribution limits and rules.

The bill amends the Internal Revenue Code to create Universal Savings Accounts, which are tax-exempt trusts for individual benefit. These accounts have specific contribution limits and rules, including a maximum annual contribution of $10,000 plus an additional $500 for each year after 2024, up to $25,000. Contributions must be in cash and cannot exceed the specified limit. Distributions from these accounts are generally not includible in gross income, except for net income attributable to excess contributions.