This bill amends the Internal Revenue Code to allow families and guardians to make contributions to Trump accounts (a type of tax-advantaged savings account) on behalf of foster children. Specifically, it expands who can benefit from these accounts by including foster children under the age of 18 who are either claimed as dependents by a taxpayer or are in the custody of a state or tribal government. The legislation also permits combinations of different eligibility criteria for determining who can use these accounts. The changes take effect for contributions made after December 31, 2025. This bill aims to provide foster youth with additional financial support and savings opportunities through tax-advantaged investment accounts.
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