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139 STAT. 181 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(iii) does not have annual fees and expenses of more than 0.1 percent of the balance of the investment in the fund, and ‘‘(iv) meets such other criteria as the Secretary determines appropriate for purposes of this section. ‘‘(B) QUALIFIED INDEX.—The term ‘qualified index’ means— ‘‘(i) the Standard and Poor’s 500 stock market index, or ‘‘(ii) any other index— ‘‘(I) which is comprised of equity investments in primarily United States companies, and ‘‘(II) for which regulated futures contracts (as defined in section 1256(g)(1)) are traded on a quali- fied board or exchange (as defined in section 1256(g)(7)). Such term shall not include any industry or sector- specific index, but may include an index based on market capitalization. ‘‘(4) ACCOUNT BENEFICIARY.—The term ‘account beneficiary’ means the individual on whose behalf the Trump account was established. ‘‘(c) TREATMENT OF CONTRIBUTIONS.— ‘‘(1) NO DEDUCTION ALLOWED.—No deduction shall be allowed under section 219 for any contribution which is made before the first day of the calendar year in which the account beneficiary attains age 18. ‘‘(2) CONTRIBUTION LIMIT.—In the case of any contribution made before the calendar year in which the account beneficiary attains age 18— ‘‘(A) IN GENERAL.—The aggregate amount of contribu- tions (other than exempt contributions) for such calendar year shall not exceed $5,000. ‘‘(B) EXEMPT CONTRIBUTION.—For purposes of this paragraph, the term ‘exempt contribution’ means— ‘‘(i) a qualified rollover contribution, ‘‘(ii) any qualified general contribution, or ‘‘(iii) any contribution provided under section 6434. ‘‘(C) COST-OF-LIVING ADJUSTMENT.— ‘‘(i) IN GENERAL.—In the case of any taxable year after 2027, the $5,000 amount under subparagraph (A) shall be increased by an amount equal to— ‘‘(I) such dollar amount, multiplied by ‘‘(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by sub- stituting ‘calendar year 2026’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof. ‘‘(ii) ROUNDING.—If any increase under this subparagraph is not a multiple of $100, such amount shall be rounded to the next lowest multiple of $100. ‘‘(3) TIMING OF CONTRIBUTIONS.—Section 219(f)(3) shall not apply to any contribution made to a Trump account for any taxable year ending before the calendar year in which the account beneficiary attains age 18. ‘‘(d) DISTRIBUTIONS.—