What does Preamble of Trump Accounts for All Generations Act do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to make permanent the Trump accounts contribution pilot program, and for other purposes,' aims to amend the Internal Revenue Code of 1986. The bill seeks to make the Trump accounts contribution pilot program permanent.

What does SHORT TITLE. of Trump Accounts for All Generations Act do?

This bill is formally titled the "Trump Accounts for All Generations Act".

What does PERMANENT EXTENSION AND ENHANCEMENT OF TRUMP ACCOUNTS of Trump Accounts for All Generations Act do?

This section permanently extends Section 6434 of the Internal Revenue Code of 1986. The $1,000 amount in Section 6434(a) will be adjusted for inflation annually, starting with taxable years beginning after 2028. The inflation adjustment is calculated using the cost-of-living adjustment determined under section 1(f)(3), substituting 'calendar year 2027' for 'calendar year 2016'. The term 'pilot' is removed from the heading of Section 6434, Section 6659, and related table of sections. The amendments apply to taxable years beginning after December 31, 2026.

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Trump Accounts for All Generations Act

Last updated: 4/15/2026 · Introduced: 4/15/2026

Author: Adrian Smith (R-NE)

TL;DR (AI)

This bill permanently extends a program allowing taxpayers to designate a person to receive tax refunds, previously a pilot program.
The $1,000 limit for these designated accounts will be adjusted annually for inflation, starting after 2028.
The bill removes references to the program being a 'pilot' from relevant sections of the Internal Revenue Code.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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