“To amend the Internal Revenue Code of 1986 to make permanent the Trump accounts contribution pilot program, and for other purposes.”
No CRS summary available for this bill.
This section permanently extends the Trump accounts contribution program—previously applicable to taxable years beginning after December 31, 2025, and before January 1, 2029—by striking the expiration date. It further (1) establishes an inflation adjustment to the $1,000 credit amount in IRC §6434(a) for taxable years beginning after 2028, based on the cost-of-living adjustment under IRC §1(f)(3) using calendar year 2027 as the base year and rounded to the next lowest multiple of $100, and (2) makes conforming amendments by striking "pilot" from the section heading, related provisions, and tables of contents. (As background, the program provides a refundable tax credit equal to the first $1,000 of qualified contributions to a Trump account.) The amendments apply to taxable years beginning after December 31, 2026.