Foster children gain tax-advantaged education savings access
H.R. 9920 — Foster Youth Investment Act · Filed by Blake Moore (R-UT) · Introduced Jul 23, 2026 · Referred to committee
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What it does
This bill amends the tax code to allow contributions to 529 education savings accounts (called 'Trump accounts' in the bill) for foster children. It expands who can be a beneficiary of these tax-advantaged accounts to include foster children under state or tribal custody, and allows combinations of beneficiary classes. The change takes effect for contributions made after December 31, 2025.
Why we flagged it
The bill's operative mechanism is a straightforward expansion of tax-advantaged education savings eligibility to foster children. It is a targeted tax benefit, not a broad policy reform or deregulation.
What the text implies
- The term 'Trump accounts' is colloquial shorthand for 529 plans; the bill does not formally rename them, but the short title's use of this term may signal political branding of a tax vehicle.
- Expansion of 529 eligibility to foster children may increase administrative burden on state and tribal governments to verify custody/guardianship status for account opening.
The full analysis lists 3 implications of this text.
Who stands to gain
foster children and their guardians; 529 plan administrators and financial institutions offering these accounts