of 50 before the close of the taxable year, the amounts described in paragraph (1)(A) and subsection (c)(4) for such taxable year shall be increased by $6,000. (c) Portable retirement and investment account For purposes of this title, the term portable retirement and investment account means a trust created or organized in the United States for the exclusive benefit of an individual, but only if the written governing instrument creating the trust meets the following requirements: (1) The trustee is a bank (as defined in section 408(n) of the Internal Revenue Code of 1986) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section. (2) The amounts in the trust may consist only of— (A) deposits under section 4(b) of the Portable Retirement and Investment Account Act of 2018 , (B) amounts described in subsection (a)(1), (C) amounts deposited by an employer of the account beneficiary, (D) interest on amounts in such trust, and (E) proceeds from investment of amounts in such trust. (3) Except in the case of a rollover contribution described in subsection (d)(4), no contribution will be accepted unless it is in cash. (4) No contributions in excess of the amount that is twice the dollar amount in effect under subsection (b)(1)(A) will be accepted during a calendar year. (5) No distribution that would bring the account balance below the amount deposited in such trust under section (b)(1) of the PRIA Act of 2018 is allowed to an account beneficiary who has not attained the age 59 ½ . (d) Tax treatment of accounts (1) In general A portable retirement and investment account is exempt from taxation under this subtitle unless such account has ceased to be a portable retirement and investment account. Notwithstanding the preceding sentence, any such account is subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable, etc.