Creates a new type of tax-advantaged account called a Universal Savings Account and adds rules to the Internal Revenue Code for how these accounts are taxed, reported, and governed. It defines how to compute and treat excess contributions, allows a special return rule for contributions made before the tax-filing deadline, and applies related prohibited-transaction and reporting requirements.

The changes apply to taxable years beginning after December 31, 2024, shifting compliance and administrative duties to financial institutions, taxpayers, and the IRS and introducing new tax treatment for account holders.