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American Opportunity Accounts: Financial Support for Young Citizens

This act establishes special savings accounts for children, into which the government will deposit funds from birth until age 18. These funds are intended to help cover education costs, homeownership, or other future investments, without affecting eligibility for other federal benefits.
Key points
Every child born after December 31, 2021, will receive an initial $1,000 contribution to their account.
Annual contributions to accounts will depend on household income, with higher amounts for lower-income families (up to $2,000 annually).
Funds from the account can be used for education (higher education, technical schools), homeownership, or other wealth-building investments after turning 18.
Amounts in these accounts will not be considered when determining eligibility for other federal benefits, including student financial aid.
Contributions to and distributions from these accounts are tax-exempt.
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Expired
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Additional Information
Print number: 117_HR_835
Sponsor: Rep. Pressley, Ayanna [D-MA-7]
Process start date: 2021-02-04
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Opportunity Accounts Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_835.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-04.

What are the main provisions?

Key points include:

  • Every child born after December 31, 2021, will receive an initial $1,000 contribution to their account.
  • Annual contributions to accounts will depend on household income, with higher amounts for lower-income families (up to $2,000 annually).
  • Funds from the account can be used for education (higher education, technical schools), homeownership, or other wealth-building investments after turning 18.
  • Amounts in these accounts will not be considered when determining eligibility for other federal benefits, including student financial aid.
  • Contributions to and distributions from these accounts are tax-exempt.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pressley, Ayanna [D-MA-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Benefits Education Family