Accounts (within the meaning of section 530A), the term excess contributions means the sum of— (A) the amount by which the amount contributed for the calendar year to such accounts (other than qualified rollover contributions (as defined in section 530A(e))) exceeds the contribution limit under section 530A(d)(1) for such calendar year, and (B) the amount determined under this subsection for the preceding calendar year, reduced by the excess (if any) of the maximum amount allowable as a contribution under section 530A(d)(1) for the calendar year over the amount contributed to the accounts for the calendar year. (2) Special rule A contribution shall not be taken into account under paragraph (1) if such contribution (together with the amount of net income attributable to such contribution) is returned to the beneficiary before July 1 of the year following the year in which the contribution is made. . (c) Failure To provide reports on universal savings accounts Paragraph (2) of section 6693(a) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting , and , and by inserting after subparagraph (F) the following new subparagraph: (G) section 530A(i) (relating to Universal Savings Accounts). . (d) Conforming amendment The table of parts for subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Part IX. Universal savings accounts . (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017.