H.R.3186

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.