H.R. 892 · 110th Congress
Savings for Working Families Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PittsSponsorNo cosponsors.
Savings for Working Families Act of 2007 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs.
What it does: CRS summary · Introduced in House · Feb 7, 2007
Savings for Working Families Act of 2007 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal.
Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts.
Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Savings for Working Families Act of 2007
Latest action (Feb 7, 2007): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Feb 7, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.