Trump Account Tax-Free Accumulation

§ 530A. Trump accounts(a) General ruleExcept as provided in this section or under regulations or guidance established by the Secretary, a Trump account shall be treated for purposes of this title in the same manner as an individual retirement account under section 408(a). (b) Trump accountFor purposes of this section—(1) In generalThe term “Trump account” means an individual retirement account (as defined in section 408(a)) which is not designated as a Roth IRA and which meets the following requirements:(A) The account—(i) is created or organized by the Secretary for the exclusive benefit of an eligible individual or such eligible individual’s beneficiaries, or (ii) is—(I) created or organized in the United States for the exclusive benefit of an individual who has not attained the age of 18 before the end of the calendar year, or such individual’s beneficiaries, and (II) funded by a qualified rollover contribution. (B) The account is designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the account as a Trump account. (C) The written governing instrument creating the account meets the following requirements:(i) No contribution will be accepted—(I) before the date that is 12 months after the date of the enactment of this section, or (II) in the case of a contribution made in any calendar year before the calendar year in which the account beneficiary attains age 18, if such contribution would result in aggregate contributions (other than exempt contributions) for such calendar year in excess of the contribution limit specified in subsection (c)(2)(A). (ii) Except as provided in subsection (d), no distribution will be allowed before the first day of the calendar year in which the account beneficiary attains age 18. (iii) No part of the account funds will be invested in any asset other than an eligible investment during any period before the first day of the calendar year in which the account beneficiary attains age 18. (2) Eligible individualThe term “eligible individual” means any individual—(A) who has not attained the age of 18 before the close of the calendar year in which the election under subparagraph (C) is made, (B) for whom a social security number (within the meaning of section 24(h)(7)) has been issued before the date on which an election under subsection (C) is made, and (C) for whom—(i) an election is made under this subparagraph by the Secretary if the Secretary determines (based on information available to the Secretary from tax returns or otherwise) that such individual meets the requirements of subparagraphs (A) and (B) and no prior election has been made for such individual under clause (ii), or (ii) an election is made under this subparagraph by a person other than the Secretary (at such time and in such manner as the Secretary may prescribe) for the establishment of a Trump account if no prior election has been made for such individual under clause (i).