Search Results: keywords:"tax-exempt savings"

  • H. R. 955 — To amend the Internal Revenue Code of 1986 to reform health provisions, and for other purposes.
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    Status:Introduced in House
    Words:4,312

    H.R. 955 proposes amendments to the Internal Revenue Code to establish HOPE Accounts, a new type of savings account aimed at covering qualified medical expenses. The bill outlines that these accounts will be tax-exempt, and individuals can contribute a specified amount each...

    Simple Explanation

    H.R. 955 wants to create special savings accounts called HOPE Accounts where people can save money without paying taxes to help pay for medical things, but they have to be careful not to spend it on other stuff or they could get a big penalty.

  • H. R. 440 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in House
    Words:3,895

    H.R. 440, introduced in the House of Representatives, aims to amend the Internal Revenue Code to create Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts allow individuals to set aside money for home disaster mitigation and recovery expenses...

    Simple Explanation

    H.R. 440 wants to let people save money in special accounts for home disaster emergencies, and they won't have to pay taxes on it if they use it for fixing their homes after a disaster. They can save up to $4,500 each year, and the rules about this might change a little every year because of inflation, which means prices getting higher.

  • H. R. 9010 — To amend the Internal Revenue Code of 1986 to establish universal savings accounts.
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    Status:Introduced in House
    Words:2,111

    H.R. 9010 proposes an amendment to the Internal Revenue Code of 1986 to create universal savings accounts (USAs) for individuals in the United States. These accounts would be exempt from most taxes and could only be funded with cash contributions up to a limit of $10,000 per year, with...

    Simple Explanation

    Imagine there's a special savings piggy bank called a "universal savings account" where people can put up to $10,000 every year, and they don't have to pay most of the usual taxes on this money. However, some people might not be able to use it as much, especially if they live in expensive places or earn a lot of money.