GRACE for Military Survivors Act
To amend the Internal Revenue Code of 1986 to extend the time period for the contribution of military death benefits to Roth IRAs and Coverdell education savings accounts.
HB9489, also known as the GRACE for Military Survivors Act, aims to change tax laws to give military survivors more time to contribute military death benefits to Roth IRAs and Coverdell education savings accounts. This would help these survivors manage their finances more effectively and provide financial security for their families.
This bill would mainly affect military survivors who have received death benefits and are considering contributing these funds to retirement accounts or education savings plans. By extending the contribution period, it would offer them more flexibility and potentially better financial planning options.
Introduced on June 25, 2026, HB9489 has been referred to the House Committee on Ways and Means for further review and potential amendments. This marks the beginning of its journey through the legislative process.
