Sponsor
Blake D. Moore
Representative · R-UT
Representative · R-UT
The bill extends tax-favored account eligibility to children in foster or state/tribal custody—helping those children and their guardians save earlier—while imposing modest federal revenue loss and some additional administrative burden to verify eligibility.
Children in foster care or under state or tribal custody become eligible as account beneficiaries, allowing those children to receive tax-favored savings set aside for their benefit.
Custodial relatives or guardians (taxpayers) can open and contribute to these accounts for eligible minors, enabling earlier long-term savings on behalf of those children.
Financial institutions, custodians, and the IRS may face increased administrative burden to verify foster/custody status and manage the expanded beneficiary eligibility.
Taxpayers and the government could experience modest reductions in federal revenue because more tax-preferred accounts may be opened for the newly eligible beneficiaries.
Based on analysis of 2 sections of legislative text.
Expands who may be named beneficiaries of certain tax-advantaged accounts to include foster children and children in state or tribal custody under age 18 for contributions after 2025.
Official title: To amend the Internal Revenue Code of 1986 to allow general contributions to Trump accounts for foster children.
Introduced July 23, 2026 by Blake D. Moore · Last progress July 23, 2026
Expands which young people can be named as beneficiaries of certain tax-advantaged savings accounts by allowing children under age 18 who are eligible foster children or who are in the custody, supervision, or guardianship of a State or an Indian tribal government to be designated. The change applies to contributions made after December 31, 2025. Also includes a technical placeholder insertion into the same code provision; no new spending or program authorization is created by this bill—it simply changes who may benefit from existing tax-preferenced accounts.