I 
118TH CONGRESS 
1ST SESSION H. R. 1041 
To establish American opportunity accounts, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 14, 2023 
Ms. PRESSLEY (for herself, Ms. TLAIB, Mrs. WATSON COLEMAN, Mrs. 
BEATTY, Mr. AUCHINCLOSS, Mr. CARTER of Louisiana, Ms. LEE of Cali-
fornia, Ms. JAYAPAL, Mr. BOWMAN, Ms. NORTON, Mr. DAVIS of Illinois, 
Mr. EVANS, Mr. BLUMENAUER, Ms. OMAR, Mr. MOULTON, Ms. MENG, 
Mr. LARSON of Connecticut, Mr. CARSON, Mr. THOMPSON of Mississippi, 
Mr. CLEAVER, Ms. CLARKE of New York, Ms. DELAURO, Ms. SCHA-
KOWSKY, Ms. JACOBS, Ms. BUSH, Ms. CROCKETT, Mr. COURTNEY, Ms. 
BARRAGA´N, Mr. CASAR, Ms. OCASIO-CORTEZ, and Ms. LEE of Pennsyl-
vania) introduced the following bill; which was referred to the Committee 
on Ways and Means 
A BILL 
To establish American opportunity accounts, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘American Opportunity Accounts Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
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Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
Sec. 3. American Opportunity Fund. 
Sec. 4. AO accounts. 
Sec. 5. Assignment, alienation, and treatment of deceased individuals. 
Sec. 6. Rules governing AO accounts relating to investment, accounting, and 
reporting. 
Sec. 7. American Opportunity Fund Board. 
Sec. 8. Fiduciary responsibilities. 
Sec. 9. Accounts disregarded in determining eligibility for Federal benefits. 
Sec. 10. Reports. 
Sec. 11. Programs for promoting financial capability. 
Sec. 12. Tax treatment. 
SEC. 2. DEFINITIONS. 
For purposes of this title— 
(1) AMERICAN OPPORTUNITY FUND.—The term 
‘‘American Opportunity Fund’’ means the fund es-
tablished under section 3. 
(2) AO ACCOUNT.—The term ‘‘AO account’’ 
means an American opportunity account established 
under section 4. 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury or the Secretary’s del-
egate. 
(4) AMERICAN OPPORTUNITY FUND BOARD.— 
The term ‘‘American Opportunity Fund Board’’ 
means the board established pursuant to section 7. 
(5) EXECUTIVE DIRECTOR.—The term ‘‘Execu-
tive Director’’ means the executive director ap-
pointed pursuant to section 7. 
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SEC. 3. AMERICAN OPPORTUNITY FUND. 
(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States a fund to be known as the 
‘‘American Opportunity Fund’’. 
(b) AMOUNTS HELD BY FUND.—The American Op-
portunity Fund shall consist of the sum of all amounts 
paid into the Fund under this Act, increased by the total 
net earnings from investments of sums held in the Fund 
or reduced by the total net losses from investments of 
sums held in the Fund, and reduced by the total amount 
of payments made from the Fund (including payments for 
administrative expenses). 
(c) USE OF FUND.— 
(1) IN GENERAL.—The sums in the American 
Opportunity Fund shall be appropriated and shall 
remain available without fiscal year limitation— 
(A) to make contributions to AO accounts; 
(B) to invest under section 6; 
(C) to make distributions in accordance 
with this Act; 
(D) to pay the administrative expenses of 
carrying out this Act; and 
(E) to purchase insurance as provided in 
section 8(c)(2). 
(2) EXCLUSIVE PURPOSES.—The sums in the 
American Opportunity Fund shall not be appro-
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priated for any purpose other than the purposes 
specified in this section and may not be used for any 
other purpose. 
(d) 
TRANSFERS
TO
AMERICAN
OPPORTUNITY 
FUND.—The Secretary shall make transfers from the gen-
eral fund of the Treasury to the American Opportunity 
Fund as follows: 
(1) INITIAL CONTRIBUTION FOR ELIGIBLE INDI-
VIDUALS BORN AFTER DECEMBER 31, 2023.—Upon 
receipt of a certification under section 4(b)(2) with 
respect to an individual born after December 31, 
2023, the Secretary shall transfer $1,000 to the AO 
account of the individual. 
(2) ANNUAL CONTRIBUTIONS.— 
(A) IN GENERAL.—Each year which occurs 
after the year in which an AO account is estab-
lished for an eligible individual and before the 
year the eligible individual attains the age of 
18, the Secretary shall transfer the annual con-
tribution amount to the AO account of the indi-
vidual. 
(B) ANNUAL
CONTRIBUTION
AMOUNT.— 
The annual contribution amount shall be the 
amount such that the annual contribution 
amount for any taxpayer whose household in-
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come is within an income tier specified in the 
following table shall decrease, on a sliding scale 
in a linear manner, from the initial amount to 
the final amount specified in such table for 
such income tier: 
In the case of household income 
(expressed as a percent of the poverty line) 
within the following income tier: 
The initial 
amount is— 
The final 
amount is— 
Up to 100 percent ..................................................
$2,000 
$2,000
100 percent up to 125 percent ...............................
2,000 
1,500
125 percent up to 175 percent ...............................
1,500 
1,000
175 percent up to 225 percent ...............................
1,000 
500
225 percent up to 325 percent ...............................
500 
250
325 percent up to 500 percent ...............................
250 
500 percent or more ...............................................
0. 
(C) APPLICABLE
HOUSEHOLD
INCOME; 
POVERTY
LINE.—For purposes of this para-
graph— 
(i) 
APPLICABLE
HOUSEHOLD
IN-
COME.—The term ‘‘applicable household 
income’’ means household income (as de-
fined in section 36B(d) of the Internal 
Revenue Code of 1986), except that— 
(I) with respect to any calendar 
year, the Secretary shall use the in-
come of the second calendar year pre-
ceding the calendar year for which the 
contribution relates; and 
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(II) in determining household in-
come the Secretary shall aggregate 
the income of married individuals fil-
ing separate tax returns. 
(ii) SPECIAL RULE FOR INDIVIDUALS 
NOT FILING RETURNS.— 
(I) IN GENERAL.—In the case of 
any taxpayer who was not required to 
file a return of tax for the tax im-
posed by section 1 for the taxable 
year described in clause (i)(I) or for 
whom the information described in 
clause (i) is not available for such 
year, such taxpayer shall be treated as 
a taxpayer with a household income 
which is less than 100 percent of the 
poverty line. 
(II) USE OF OTHER DATA.—Sub-
clause (I) shall not apply if the Sec-
retary determines, based on such 
other information from any agency of 
the United States as the Secretary de-
termines is reliable, that the tax-
payer’s household income for such 
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year is 100 percent of the poverty line 
or greater. 
(iii) POVERTY LINE.—The term ‘‘pov-
erty line’’ has the meaning given such term 
under section 36B(d) of the Internal Rev-
enue Code of 1986. 
(D) AUTHORITY TO PROVIDE TAX INFOR-
MATION.— 
(i) IN GENERAL.—Section 6103(l) of 
the Internal Revenue Code of 1986 is 
amended by adding at the end the fol-
lowing new paragraph: 
‘‘(23) DISCLOSURE OF RETURN INFORMATION 
TO
CARRY
OUT
ELIGIBILITY
REQUIREMENTS
FOR 
CERTAIN PROGRAMS.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
disclose to officers and employees of the De-
partment of the Treasury or the American Op-
portunity Fund Board return information of 
any taxpayer whose income is relevant in deter-
mining any annual contribution to an American 
Opportunity Account under section 3 of the 
American Opportunity Accounts Act. Such re-
turn information shall be limited to— 
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‘‘(i) taxpayer identity information 
with respect to such taxpayer, 
‘‘(ii) the filing status of such tax-
payer, 
‘‘(iii) the number of individuals for 
whom a deduction is allowed under section 
151 with respect to the taxpayer (including 
the taxpayer and the taxpayer’s spouse), 
‘‘(iv) the modified adjusted gross in-
come (as defined in section 36B) of such 
taxpayer, of any spouse of such taxpayer 
who filed a separate return, and of each of 
the other individuals included under clause 
(iii) who are required to file a return of tax 
imposed by chapter 1 for the taxable year, 
‘‘(v) such other information as is pre-
scribed by the Secretary by regulation as 
might indicate whether the taxpayer is eli-
gible for such an annual contribution (and 
the amount thereof), and 
‘‘(vi) the taxable year with respect to 
which the preceding information relates or, 
if applicable, the fact that such informa-
tion is not available. 
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‘‘(B) RESTRICTION ON USE OF DISCLOSED 
INFORMATION.—Return information disclosed 
under subparagraph (A) may be used by offi-
cers and employees of the Department of the 
Treasury or the American Opportunity Fund 
Board for the purposes of, and to the extent 
necessary in establishing eligibility for, and 
verifying the appropriate amount of, any annual 
contribution described in subparagraph (A).’’. 
(ii) 
PROCEDURES
AND
RECORD-
KEEPING
RELATED
TO
DISCLOSURES.— 
Paragraph (4) of section 6103(p) of such 
Code is amended by striking ‘‘or (22)’’ 
each place it appears and inserting ‘‘(22), 
or (23)’’. 
(E) STUDY ON INCORPORATION OF OTHER 
WEALTH
FACTORS.—Not later than 2 years 
after the date of the enactment of this Act, the 
Comptroller General shall submit to Congress 
and the Secretary of the Treasury a report on 
the feasibility and distributive impacts of a new 
measure for determining the amount of the an-
nual contribution amount under this paragraph 
based on family wealth, total assets, and overall 
net worth. Such measure may— 
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