Universal Savings Account Act of 2025

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 1581 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 1581 To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 1, 2025 Mr. Cruz introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to create Universal Savings Accounts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Universal Savings Account Act of 2025''. SEC. 2. UNIVERSAL SAVINGS ACCOUNTS. (a) In General.--Subchapter F of Chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: ``PART IX--UNIVERSAL SAVINGS ACCOUNTS ``SEC. 530A. UNIVERSAL SAVINGS ACCOUNTS. ``(a) General Rule.--A Universal Savings Account shall be exempt from taxation under this subtitle. Notwithstandin…