WASHINGTON — Rep. Morgan McGarvey, D-Louisville, introduced the Young Adult Tax Credit Act this week to create a universal monthly payment for 18 to 24-year-olds with a social security or tax identification number.

It would be available to everyone in the age bracket, regardless of income.

“If you file taxes, then you would get a $500 a month tax credit to spend however you want—rent, food, groceries, child care, to make sure that you don’t get behind and the bill is estimated to bring four million young adults out of poverty,” he said Friday.

McGarvey’s office said it has no estimate of the proposal’s cost, but that it would pay for itself because the money would go back into the economy.

It’s modeled after a one-year guaranteed income pilot program in Louisville that the Metro United Way says gave payments to about 150 young people from three neighborhoods with concentrated poverty.

The organization’s data show participants spent the most on household goods, medical supplies, food, groceries and transportation.

“I just thought this is something we should do nationally because nearly 1 in 5 young adults nationally is living below the poverty line,” McGarvey said. “That’s completely unacceptable.”

The bill has been referred to the House Ways and Means committee and its only co-sponsors are Democrats.

With Republicans controlling the House, the likelihood it will become law in this session is remote.