Money Accounts for Growth and Advancement Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsor
- 1
- Latest action
- May 14, 2025
What it does
The Money Accounts for Growth and Advancement Act (MAGA Act) would create a new type of tax-advantaged trust account, called a MAGA account, designed to benefit individuals under age 18 at establishment, with contributions limited to $5,000 per year (adjusted for inflation after 2026) and restricted to cash investments in low-fee, non-leveraged U.S. equity index funds. Earnings grow tax-free, and distributions used for qualified expenses—such as higher education, post-secondary credentialing, small business loans, or first-time home purchases—are either excluded from gross income or taxed as net capital gains, while non-qualified distributions are included in gross income and subject to an…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
Reporting that may mention this subject. Possible matches are labeled.
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Where it goes next
While a bill can still move, the questions are about people and money.