1. ‘‘(MM) section 6050AA(c) (relating to state-

2. ments relating to applicable passenger vehicle

3. loan interest received in trade or business from

4. individuals).’’.

5. (d) CONFORMING AMENDMENTS.—

6. (1) Section 56(e)(1)(B) is amended by striking

7. ‘‘section 163(h)(4)’’ and inserting ‘‘section 163(h)(5)’’.

8. (2) The table of sections for subpart B of part

9. III of subchapter A of chapter 61 is amended by add-

10. ing at the end the following new item:

‘‘Sec. 6050AA. Returns relating to applicable passenger vehicle loan interest re- ceived in trade or business from individuals.’’.

11. (e) EFFECTIVE DATE.—The amendments made by this

12. section shall apply to indebtedness incurred after December

13. 31, 2024.

14. SEC. 70204. TRUMP ACCOUNTS AND CONTRIBUTION PILOT

15. PROGRAM.

16. (a) TRUMP ACCOUNTS.—

17. (1) IN GENERAL.—Subchapter F of chapter 1 is

18. amended by adding at the end the following new part:

19. ‘‘PART IX—TRUMP ACCOUNTS

‘‘Sec. 530A. Trump accounts.

20. ‘‘SEC. 530A. TRUMP ACCOUNTS.

21. ‘‘(a) GENERAL RULE.—Except as provided in this sec-

22. tion or under regulations or guidance established by the

23. Secretary, a Trump account shall be treated for purposes

1. of this title in the same manner as an individual retirement

2. account under section 408(a).

3. ‘‘(b) TRUMP ACCOUNT.—For purposes of this section—

4. ‘‘(1)  IN  GENERAL.—The  term  ‘Trump  account’

5. means an individual retirement account (as defined

6. in section 408(a)) which is not designated as a Roth

7. IRA and which meets the following requirements:

8. ‘‘(A) The account—

9. ‘‘(i) is created or organized by the Sec-

10. retary for the exclusive benefit of an eligible

11. individual or such eligible individual’s

12. beneficiaries, or

13. ‘‘(ii) is—

14. ‘‘(I) created or organized in the

15. United States for the exclusive benefit

16. of an individual who has not attained

17. the age of 18 before the end of the cal-

18. endar year, or such individual’s bene-

19. ficiaries, and

20. ‘‘(II) funded by a qualified roll-

21. over contribution.

22. ‘‘(B) The account is designated (in such

23. manner as the Secretary shall prescribe) at the

24. time of the establishment of the account as a

25. Trump account.

    1. ‘‘(C) The written governing instrument cre-

    2. ating the account meets the following require-

    3. ments:

    4. ‘‘(i) No contribution will be accepted—

    5. ‘‘(I) before the date that is 12

    6. months after the date of the enactment

    7. of this section, or

    8. ‘‘(II) in the case of a contribution

    9. made in any calendar year before the

    10. calendar year in which the account

    11. beneficiary attains age 18, if such con-

    12. tribution would result in aggregate

    13. contributions (other than exempt con-

    14. tributions) for such calendar year in

    15. excess of the contribution limit speci-

    16. fied in subsection (c)(2)(A).

    17. ‘‘(ii) Except as provided in subsection

    18. (d), no distribution will be allowed before

    19. the first day of the calendar year in which

    20. the account beneficiary attains age 18.

    21. ‘‘(iii) No part of the account funds will

    22. be invested in any asset other than an eligi-

    23. ble investment during any period before the

    24. first day of the calendar year in which the

    25. account beneficiary attains age 18.

        1. ‘‘(2)  ELIGIBLE  INDIVIDUAL.—The  term  ‘eligible

        2. individual’ means any individual—

        3. ‘‘(A) who has not attained the age of 18 be-

        4. fore the close of the calendar year in which the

        5. election under subparagraph (C) is made,

        6. ‘‘(B) for whom a social security number

        7. (within the meaning of section 24(h)(7)) has

        8. been issued before the date on which an election

        9. under subsection (C) is made, and

        10. ‘‘(C) for whom—

        11. ‘‘(i) an election is made under this

        12. subparagraph by the Secretary if the Sec-

        13. retary determines (based on information

        14. available to the Secretary from tax returns

        15. or otherwise) that such individual meets the

        16. requirements of subparagraphs (A) and (B)

        17. and no prior election has been made for

        18. such individual under clause (ii), or

        19. ‘‘(ii) an election is made under this

        20. subparagraph by a person other than the

        21. Secretary (at such time and in such man-

        22. ner as the Secretary may prescribe) for the

        23. establishment of a Trump account if no

        24. prior election has been made for such indi-

        25. vidual under clause (i).

            1. ‘‘(3) Eligible investment.—

            2. ‘‘(A) IN GENERAL.—The term ‘eligible in-

            3. vestment’ means any mutual fund or exchange

            4. traded fund which—

            5. ‘‘(i) tracks the returns of a qualified

            6. index,

            7. ‘‘(ii) does not use leverage,

            8. ‘‘(iii) does not have annual fees and

            9. expenses of more than 0.1 percent of the bal-

            10. ance of the investment in the fund, and

            11. ‘‘(iv) meets such other criteria as the

            12. Secretary determines appropriate for pur-

            13. poses of this section.

            14. ‘‘(B) QUALIFIED  INDEX.—The term ‘quali-

            15. fied index’ means—

            16. ‘‘(i) the Standard and Poor’s 500 stock

            17. market index, or

            18. ‘‘(ii) any other index—

            19. ‘‘(I) which is comprised of equity

            20. investments in primarily United

            21. States companies, and

            22. ‘‘(II) for which regulated futures

            23. contracts (as defined in section

            24. 1256(g)(1)) are traded on a qualified

1. board or exchange (as defined in sec-

2. tion 1256(g)(7)).

3. Such term shall not include any industry or

4. sector-specific index, but may include an

5. index based on market capitalization.

6. ‘‘(4) ACCOUNT BENEFICIARY.—The term ‘account

7. beneficiary’ means the individual on whose behalf the

8. Trump account was established.

9. ‘‘(c) TREATMENT OF CONTRIBUTIONS.—

10. ‘‘(1)  NO  DEDUCTION  ALLOWED.—No  deduction

11. shall be allowed under section 219 for any contribu-

12. tion which is made before the first day of the calendar

13. year in which the account beneficiary attains age 18.

14. ‘‘(2) CONTRIBUTION  LIMIT.—In the case of any

15. contribution made before the calendar year in which

16. the account beneficiary attains age 18—

17. ‘‘(A) IN  GENERAL.—The aggregate amount

18. of contributions (other than exempt contribu-

19. tions) for such calendar year shall not exceed

20. $5,000.

21. ‘‘(B) EXEMPT CONTRIBUTION.—For pur-

22. poses of this paragraph, the term ‘exempt con-

23. tribution’ means—

24. ‘‘(i) a qualified rollover contribution,

1. ‘‘(ii) any qualified general contribu-

2. tion, or

3. ‘‘(iii) any contribution provided under

4. section 6434.

5. ‘‘(C) Cost-of-living adjustment.—

6. ‘‘(i) IN GENERAL.—In the case of any

7. taxable year after 2027, the $5,000 amount

8. under subparagraph (A) shall be increased

9. by an amount equal to—

10. ‘‘(I) such dollar amount, multi-

11. plied by

12. ‘‘(II) the cost-of-living adjustment

13. determined under section 1(f)(3) for

14. the calendar year in which the taxable

15. year begins, determined by substituting

16. ‘calendar year 2026’ for ‘calendar year

17. 2016’ in subparagraph (A)(ii) thereof.

18. ‘‘(ii) ROUNDING.—If any increase

19. under this subparagraph is not a multiple

20. of $100, such amount shall be rounded to

21. the next lowest multiple of $100.

22. ‘‘(3) TIMING OF CONTRIBUTIONS.—Section

23. 219(f)(3) shall not apply to any contribution made to

24. a Trump account for any taxable year ending before

1. the calendar year in which the account beneficiary at-

2. tains age 18.

3. ‘‘(d)  DISTRIBUTIONS.—

4. ‘‘(1) IN GENERAL.—Except as otherwise provided

5. in this subsection, no distribution shall be allowed be-

6. fore the first day of the calendar year in which the

7. account beneficiary attains age 18.

8. ‘‘(2) Tax treatment of allowable distribu-

9. TIONS.—For purposes of applying section 72 to any

10. amount distributed from a Trump account, the in-

11. vestment in the contract shall not include—

12. ‘‘(A) any qualified general contribution,

13. ‘‘(B) any contribution provided under sec-

14. tion 6434, and

15. ‘‘(C) the amount of any contribution which

16. is excluded from gross income under section 128.

17. ‘‘(3)  Qualified  rollover  contributions.—

18. Paragraph (1) shall not apply to any distribution

19. which is a qualified rollover contribution and the

20. amount of such distribution shall not be included in

21. the gross income of the beneficiary.

22. ‘‘(4) Qualified able rollover contribu-

23. TIONS.—

24. ‘‘(A) IN GENERAL.—Paragraph (1) shall

25. not apply to any distribution which is a quali-

1. fied ABLE rollover contribution and the amount

2. of such distribution shall not be included in the

3. gross income of the beneficiary.

4. ‘‘(B) Qualified able rollover con-

5. TRIBUTION.—For  purposes  of  this  section,  the

6. term ‘qualified ABLE rollover contribution’

7. means an amount which is paid during the cal-

8. endar year in which the account beneficiary at-

9. tains age 17 in a direct trustee-to-trustee trans-

10. fer from a Trump account maintained for the

11. benefit of the account beneficiary to an ABLE

12. account (as defined in section 529A(e)(6)) for the

13. benefit of the such account beneficiary, but only

14. if the amount of such payment is equal to the en-

15. tire balance of the Trump account from which

16. the payment is made.

17. ‘‘(5) Distributions of excess contribu-

18. TIONS.—In the case of any contribution which is

19. made before the calendar year in which the account

20. beneficiary attains age 18 and which is in excess of

21. the limitation in effect under subsection (c)(2)(A) for

22. the calendar year—

23. ‘‘(A) paragraph (1) shall not apply to the

24. distribution of such excess,

    1. ‘‘(B) the amount of such distribution shall

    2. not be included in gross income of the account

    3. beneficiary, and

    4. ‘‘(C) the tax imposed by this chapter on the

    5. distributee for the taxable year in which the dis-

    6. tribution is made shall be increased by 100 per-

    7. cent of the amount of net income attributable to

    8. such excess (determined without regard to sub-

    9. paragraph (B)).

    10. ‘‘(6) Treatment of death of account bene-

    11. FICIARY.—If, by reason of the death of the account

    12. beneficiary before the first day of the calendar year

    13. in which the account beneficiary attains age 18, any

    14. person acquires the account beneficiary’s interest in

    15. the Trump account—

    16. ‘‘(A) paragraph (1) shall not apply,

    17. ‘‘(B) such account shall cease to be a Trump

    18. account as of the date of death, and

    19. ‘‘(C) an amount equal to the fair market

    20. value of the assets (reduced by the investment in

    21. the contract) in such account on such date

    22. shall—

    23. ‘‘(i) if such person is not the estate of

    24. such beneficiary, be includible in such per-

1. son’s gross income for the taxable year

2. which includes such date, or

3. ‘‘(ii) if such person is the estate of such

4. beneficiary, be includible in such bene-

5. ficiary’s gross income for the last taxable

6. year of such beneficiary.

7. ‘‘(e) QUALIFIED ROLLOVER CONTRIBUTION.—For pur-

8. poses of this section, the term ‘qualified rollover contribu-

9. tion’ means an amount which is paid in a direct trustee-

10. to-trustee transfer from a Trump account maintained for

11. the benefit of the account beneficiary to a Trump account

12. maintained for such beneficiary, but only if the amount of

13. such payment is equal to the entire balance of the Trump

14. account from which the payment is made.

15. ‘‘(f) QUALIFIED  GENERAL  CONTRIBUTION.—For pur-

16. poses of this section—

17. ‘‘(1) IN  GENERAL.—The term ‘qualified general

18. contribution’ means any contribution which—

19. ‘‘(A) is made by the Secretary pursuant to

20. a general funding contribution,

21. ‘‘(B) is made to the Trump account of an

22. account beneficiary in the qualified class of ac-

23. count beneficiaries specified in the general fund-

24. ing contribution, and

    1. ‘‘(C) is in an amount which is equal to the

    2. ratio of—

    3. ‘‘(i) the amount of such general fund-

    4. ing contribution, to

    5. ‘‘(ii) the number of account bene-

    6. ficiaries in such qualified class.

    7. ‘‘(2) GENERAL FUNDING CONTRIBUTION.—The

    8. term ‘general funding contribution’ means a contribu-

    9. tion which—

    10. ‘‘(A) is made by—

    11. ‘‘(i) an entity described in section

    12. 170(c)(1) (other than a possession of the

    13. United States or a political subdivision

    14. thereof) or an Indian tribal government, or

    15. ‘‘(ii) an organization described in sec-

    16. tion 501(c)(3) and exempt from tax under

    17. section 501(a), and

    18. ‘‘(B) which specifies a qualified class of ac-

    19. count beneficiaries to whom such contribution is

    20. to be distributed.

    21. ‘‘(3) Qualified class.—

    22. ‘‘(A) IN GENERAL.—The term ‘qualified

    23. class’ means any of the following:

    24. ‘‘(i) All account beneficiaries who have

    25. not attained the age of 18 before the close of

1. the calendar year in which the contribution

2. is made.

3. ‘‘(ii) All account beneficiaries who

4. have not attained the age of 18 before the

5. close of the calendar year in which the con-

6. tribution is made and who reside in one or

7. more States or other qualified geographic

8. areas specified by the terms of the general

9. funding contribution.

10. ‘‘(iii) All account beneficiaries who

11. have not attained the age of 18 before the

12. close of the calendar year in which the con-

13. tribution is made and who were born in one

14. or more calendar years specified by the

15. terms of the general funding contribution.

16. ‘‘(B)  QUALIFIED  GEOGRAPHIC  AREA.—The

17. term ‘qualified geographic area’ means any geo-

18. graphic area in which not less than 5,000 ac-

19. count beneficiaries reside and which is des-

20. ignated by the Secretary as a qualified geo-

21. graphic area under this subparagraph.

22. ‘‘(g) TRUSTEE SELECTION.—In the case of any Trump

23. account created or organized by the Secretary, the Secretary

24. shall take into account the following criteria in selecting

25. the trustee:

    1. ‘‘(1) The history of reliability and regulatory

    2. compliance of the trustee.

    3. ‘‘(2) The customer service experience of the trust-

    4. ee.

    5. ‘‘(3) The costs imposed by the trustee on the ac-

    6. count or the account beneficiary.

    7. ‘‘(h) OTHER SPECIAL RULES AND COORDINATION

    8. With Individual Retirement Account Rules.—

    9. ‘‘(1) IN GENERAL.—The rules of subsections (k)

    10. and (p) of section 408 shall not apply to a Trump

    11. account, and the rules of subsections (d) and (i) of

    12. section 408 shall not apply to a Trump account for

    13. any taxable year beginning before the calendar year

    14. in which the account beneficiary attains age 18.

    15. ‘‘(2)  CUSTODIAL  ACCOUNTS.—In  the  case  of  a

    16. Trump account, section 408(h) shall be applied by

    17. substituting ‘a Trump account described in section

    18. 530A(b)(1)’ for ‘an individual retirement account de-

    19. scribed in subsection (a)’.

    20. ‘‘(3) CONTRIBUTIONS.—In the case of any tax-

    21. able year beginning before the first day of the cal-

    22. endar year in which the account beneficiary attains

    23. age 18, a contribution to a Trump account shall not

    24. be taken into account in applying any contribution

1. limit to any individual retirement plan other than a

2. Trump account.

3. ‘‘(4) DISTRIBUTIONS.—Section 408(d)(2) shall be

4. applied separately with respect to Trump Accounts

5. and other individual retirement plans.

6. ‘‘(5) EXCESS  CONTRIBUTIONS.—For purposes of

7. applying section 4973(b) to a Trump account for any

8. taxable year beginning before the first day of the cal-

9. endar year in which the account beneficiary attains

10. age 18, the term ‘excess contributions’ means the sum

11. of—

12. ‘‘(A) the amount by which the amount con-

13. tributed to the account for the calendar year in

14. which taxable year begins exceeds the amount

15. permitted to be contributed to the account under

16. subsection (c)(2), and

17. ‘‘(B) the amount determined under this

18. paragraph for the preceding taxable year.

19. For purposes of this paragraph, the excess contribu-

20. tions for a taxable year are reduced by the distribu-

21. tions to which subsection (d)(5) applies that are made

22. during the taxable year or by the date prescribed by

23. law (including extensions of time) for filing the ac-

24. count beneficiary’s return for the taxable year.

25. ‘‘(i) REPORTS.—

    1. ‘‘(1) IN GENERAL.—The trustee of a Trump ac-

    2. count shall make such reports regarding such account

    3. to the Secretary and to the beneficiary of the account

    4. at such time and in such manner as may be required

    5. by the Secretary. Such reports shall include informa-

    6. tion with respect to—

    7. ‘‘(A) contributions (including the amount

    8. and source of any contribution in excess of $25

    9. made from a person other than the Secretary, the

    10. account beneficiary, or the parent or legal guard-

    11. ian of the account beneficiary),

    12. ‘‘(B) distributions (including distributions

    13. which are qualified rollover contributions),

    14. ‘‘(C) the fair market value of the account,

    15. ‘‘(D) the investment in the contract with re-

    16. spect to such account, and

    17. ‘‘(E) such other matters as the Secretary

18 may require.

19. ‘‘(2)  Qualified  rollover  contributions.—

20. Not later than 30 days after the date of any qualified

21. rollover contribution, the trustee of the Trump ac-

22. count to which the contribution was made shall make

23. a report to the Secretary. Such report shall include—

24. ‘‘(A) the name, address, and social security

25. number of the account beneficiary,

    1. ‘‘(B) the name and address of such trustee,

    2. ‘‘(C) the account number,

    3. ‘‘(D) the routing number of the trustee, and

    4. ‘‘(E) such other information as the Sec-

    5. retary may require.

    6. ‘‘(3)  PERIOD  OF  REPORTING.—This  subsection

    7. shall not apply to any period after the calendar year

    8. in which the beneficiary attains age 17.’’.

    9. (2) Qualified able rollover contributions

    10. EXEMPT FROM ABLE CONTRIBUTION LIMITATION.—

    11. (A) IN GENERAL.—Section 529A(b)(2)(B) is

    12. amended by inserting ‘‘or received in a qualified

    13. ABLE rollover contribution described in section

    14. 530A(d)(4)(B)’’ after ‘‘except as provided in the

    15. case of contributions under subsection (c)(1)(C)’’.

    16. (B)  Prohibition  on  excess  contribu-

    17. TIONS.—The second sentence of section

    18. 529A(b)(6) is amended by inserting ‘‘but do not

    19. include any contributions received in a qualified

    20. ABLE rollover contribution described in section

    21. 530A(d)(4)(B)’’ before the period at the end.

    22. (C) CONFORMING AMENDMENT.—Section

    23. 4973(h)(1) is amended by inserting ‘‘or contribu-

    24. tions received in a qualified ABLE rollover con-

    25. tribution described in section 530A(d)(4)(B)’’

1. after ‘‘other than contributions under section

2. 529A(c)(1)(C)’’.

3. (3) Failure  to  provide  reports  on  trump

4. ACCOUNTS.—Section 6693(a)(2) is amended by strik-

5. ing ‘‘and’’ at the end of subparagraph (E), by strik-

6. ing the period at the end of subparagraph (F) and in-

7. serting ‘‘, and’’, and by inserting after subparagraph

8. (F) the following new subparagraph:

9. ‘‘(G) section 530A(i) (relating to Trump ac-

10. counts).’’.

11. (4) Clerical amendment.—

12. (A) The table of parts for subchapter F of

13. chapter 1 is amended by adding at the end the

14. following new item:

‘‘PART IX—TRUMP ACCOUNTS’’.

15. (b) EMPLOYER CONTRIBUTIONS.—

16. (1) IN GENERAL.—Part III of subchapter B of

17. chapter 1 is amended by inserting after section 127

18. the following new section:

19. ‘‘SEC.  128.  EMPLOYER  CONTRIBUTIONS  TO  TRUMP  AC-

20. COUNTS.

21. ‘‘(a) IN GENERAL.—Gross income of an employee does

22. not include amounts paid by the employer as a contribution

23. to the Trump account of such employee or of any dependent

24. of such employee if the amounts are paid or incurred pursu-

25. ant to a program which is described in subsection (c).

    1. ‘‘(b) LIMITATION.—

    2. ‘‘(1) IN  GENERAL.—The amount which may be

    3. excluded under subsection (a) with respect to any em-

    4. ployee shall not exceed $2,500.

    5. ‘‘(2) Inflation adjustment.—

    6. ‘‘(A) IN GENERAL.—In the case of any tax-

    7. able year beginning after 2027, the $2,500

    8. amount in paragraph (1) shall be increased by

    9. an amount equal to—

    10. ‘‘(i) such dollar amount, multiplied by

    11. ‘‘(ii) the cost-of-living adjustment de-

    12. termined under section 1(f)(3) for the cal-

    13. endar year in which the taxable year begins

    14. by substituting ‘calendar year 2026’ for

    15. ‘calendar year 2016’ in subparagraph

    16. (A)(ii) thereof.

    17. ‘‘(B) ROUNDING.—If any increase deter-

    18. mined under subparagraph (A) is not a multiple

    19. of $100, such increase shall be rounded to the

    20. next lowest multiple of $100.

    21. ‘‘(c) TRUMP ACCOUNT CONTRIBUTION PROGRAM.—For

    22. purposes of this section, a Trump account contribution pro-

    23. gram is a separate written plan of an employer for the ex-

    24. clusive benefit of his employees to provide contributions to

    25. the Trump accounts of such employees or dependents of such

1. employees which meets requirements similar to the require-

2. ments of paragraphs (2), (3), (6), (7), and (8) of section

3. 129(d).’’.

4. (2)  CLERICAL  AMENDMENT.—The  table  of  sec-

5. tions for part III of subchapter B of chapter 1 is

6. amended by inserting after the item relating to sec-

7. tion 127 the following new item:

‘‘Sec. 128. Employer contributions to Trump accounts.’’.

8. (c) CERTAIN CONTRIBUTIONS EXCLUDED FROM GROSS

9. Income.—

10. (1) IN GENERAL.—Part III of subchapter B of

11. chapter 1 is amended by inserting before section 140

12. the following new section:

13. ‘‘SEC.  139J.  CERTAIN  CONTRIBUTIONS  TO  TRUMP  AC-

14. COUNTS.

15. ‘‘(a) IN GENERAL.—Gross income of an account bene-

16. ficiary shall not include any qualified general contribution

17. to a Trump account of the account beneficiary.

18. ‘‘(b)  DEFINITIONS.—Any  term  used  in  this  section

19. which is used in section 530A shall have the meaning given

20. such term under section 530A.’’.

21. (2)  CLERICAL  AMENDMENT.—The  table  of  sec-

22. tions for part III of subchapter B is amended by in-

23. serting before the item relating to section 140 the fol-

24. lowing new item:

‘‘Sec. 139J. Certain contributions to Trump accounts.’’.

1. (d) TRUMP  ACCOUNTS  CONTRIBUTION  PILOT  PRO-

2. GRAM.—

3. (1) IN GENERAL.—Subchapter B of chapter 65 is

4. amended by adding at the end the following new sec-

5. tion:

6. ‘‘SEC. 6434. TRUMP ACCOUNTS CONTRIBUTION PILOT PRO-

7. GRAM.

8. ‘‘(a) IN GENERAL.—In the case of an individual who

9. makes an election under this section with respect to an eli-

10. gible child of the individual, such eligible child shall be

11. treated as making a payment against the tax imposed by

12. subtitle A (for the taxable year for which the election was

13. made) in an amount equal to $1,000.

14. ‘‘(b) REFUND  OF  PAYMENT.—The amount treated as

15. a payment under subsection (a) shall be paid by the Sec-

16. retary to the Trump account with respect to which such

17. eligible child is the account beneficiary.

18. ‘‘(c) ELIGIBLE  CHILD.—For purposes of this section,

19. the term ‘eligible child’ means a qualifying child (as defined

20. in section 152(c))—

21. ‘‘(1) who is born after December 31, 2024, and

22. before January 1, 2029,

23. ‘‘(2) with respect to whom no prior election has

24. been made under this section by such individual or

25. any other individual, and

    1. ‘‘(3) who is a United States citizen.

    2. ‘‘(d) ELECTION.—An election under this section shall

    3. be made at such time and in such manner as the Secretary

    4. shall provide.

    5. ‘‘(e) SOCIAL SECURITY NUMBER REQUIRED.—

    6. ‘‘(1) IN GENERAL.—This section shall not apply

    7. to any taxpayer unless such individual includes with

    8. the election made under this section the social security

    9. number of the eligible child with respect to whom the

    10. election is made.

    11. ‘‘(2) SOCIAL SECURITY NUMBER DEFINED.—For

    12. purposes of paragraph (1), the term ‘social security

    13. number’ shall have the meaning given such term in

    14. section 24(h)(7), determined by substituting ‘before

    15. the date of the election made under section 6434’ for

    16. ‘before the due date of such return’ in subparagraph

    17. (B) thereof.

    18. ‘‘(f) EXCEPTION FROM REDUCTION OR OFFSET.—Any

    19. payment made to any individual under this section shall

    20. not be—

    21. ‘‘(1) subject to reduction or offset pursuant to

    22. subsection (c), (d), (e), or (f) of section 6402 or any

    23. similar authority permitting offset, or

        1. ‘‘(2) reduced or offset by other assessed Federal

        2. taxes that would otherwise be subject to levy or collec-

        3. tion.

        4. ‘‘(g) SPECIAL RULE REGARDING INTEREST.—The pe-

        5. riod determined under section 6611(a) with respect to any

        6. payment under this section shall not begin before January

        7. 1, 2028.

        8. ‘‘(h) MIRROR CODE POSSESSIONS.—In the case of any

        9. possession of the United States with a mirror code tax sys-

        10. tem (as defined in section 24(k)), this section shall not be

        11. treated as part of the income tax laws of the United States

        12. for purposes of determining the income tax law of such pos-

        13. session unless such possession elects to have this section be

        14. so treated.

        15. ‘‘(i) DEFINITIONS.—For purposes of this section, the

        16. terms ‘Trump account’ and ‘account beneficiary’ have the

        17. meaning given such terms in section 530A(b).’’.

        18. (2) Penalty for negligent claim or fraud-

        19. ULENT CLAIM.—Part I of subchapter A of chapter 68

        20. is amended by adding at the end the following new

        21. section:

            1. ‘‘SEC. 6659. IMPROPER CLAIM FOR TRUMP ACCOUNT CON-

            2. TRIBUTION PILOT PROGRAM CREDIT.

            3. ‘‘(a) IN GENERAL.—In the case of any individual who

            4. makes an election under section 6434 with respect to an

            5. individual who is not an eligible child of the taxpayer—

            6. ‘‘(1) if such election was made due to negligence

            7. or disregard of the rules or regulations, there shall be

            8. imposed a penalty of $500, or

            9. ‘‘(2) if such election was made due to fraud,

            10. there shall be imposed a penalty of $1,000.

            11. ‘‘(b) DEFINITIONS.—

            12. ‘‘(1) ELIGIBLE CHILD.—The term ‘eligible child’

            13. has the meaning given such term under section 6434.

            14. ‘‘(2) NEGLIGENCE; DISREGARD.—The terms ‘neg-

            15. ligence’ and ‘disregard’ have the same meaning as

            16. when such terms are used in section 6662.’’.

            17. (3)  Omission  of  correct  social  security

            18. NUMBER TREATED AS MATHEMATICAL OR CLERICAL

            19. ERROR.—Section 6213(g)(2), as amended by the pre-

            20. ceding provisions of this Act, is amended by striking

            21. ‘‘and’’ at the end of subparagraph (Y), by striking the

            22. period at the end of subparagraph (Z) and inserting

            23. ‘‘, and’’, and by inserting after subparagraph (Z) the

            24. following new subparagraph:

            25. ‘‘(AA) an omission of a correct social secu-

            26. rity number required under section 6434(e)(1)

1. (relating to the Trump accounts contribution

2. pilot program).’’.

3. (4) Conforming amendments.—

4. (A) The table of sections for subchapter B of

5. chapter 65 is amended by adding at the end the

6. following new item:

‘‘Sec. 6434. Trump accounts contribution pilot program.’’.

7. (B) The table of sections for part I of sub-

8. chapter A of chapter 68 is amended by inserting

9. after the item relating to section 6658 the fol-

10. lowing new item:

‘‘Sec. 6659. Improper claim for Trump account contribution pilot program cred- it.’’.

11. (e) EFFECTIVE DATE.—The amendments made by this

12. section shall apply to taxable years beginning after Decem-

13. ber 31, 2025.

14. (f) FUNDING.—In addition to amounts otherwise

15. available, there is appropriated to the Department of the

16. Treasury, out of any money in the Treasury not otherwise

17. appropriated, $410,000,000, to remain available until Sep-

18. tember 30, 2034, to carry out the amendments made by this

19. section.