; effect of pledging account as security Rules similar to the rules of paragraphs (2) and (4) of section 408(e) shall apply to any Universal Savings Account. (g) Reports The trustee of a Universal Savings Account shall make such reports regarding such account to the Secretary and to the account holder with respect to contributions, distributions, and such other matters as the Secretary may require. Such reports shall be— (1) filed at such time and in such manner as the Secretary provides, and (2) furnished to account holders— (A) not later than January 31 of the calendar year following the calendar year to which such reports relate, and (B) in such manner as the Secretary provides. . (b) Tax on excess contributions (1) In general Section 4973(a) of such Code is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) a Universal Savings Account (as defined in section 530U), . (2) Excess contribution Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess contributions to universal savings accounts For purposes of this section— (1) In general In the case of Universal Savings Accounts (within the meaning of section 530U), the term excess contributions means the sum of— (A) the amount (if any) by which the amount contributed for the taxable year to such accounts (other than qualified rollover contributions (as defined in section 530U(d))) exceeds the contribution limit under section 530U(c)(2) for such taxable year, and (B) the amount determined under this subsection for the preceding taxable year, reduced by the sum of— (i) the distributions out of the account for the taxable year, and (ii) the amount (if any) by which the maximum amount allowable as a contribution under section 530U(c)(2) for the taxable year exceeds the amount contributed to the accounts for the taxable year. (2) Special rule A contribution shall not be taken into account under paragraph (1) if