Foster Youth Investment Act

Key Points

• This bill allows people to put money into special savings accounts for children in the foster care system. These specific accounts are called Trump accounts and are designed to help young people build financial security without paying extra taxes on the growth.
• To qualify for these accounts, a child must be under 18 years old. They must also be under the legal custody or supervision of a state government or an Indian tribal government.
• The goal of the policy is to help foster youth have money saved up for when they leave the foster care system. It allows more people to contribute to these accounts and makes the rules more flexible for different groups of children.
• If the bill passes, these new rules would apply to any money put into the accounts starting after December 31, 2025.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.