Kids Invest and Develop Savings Act of 2007
Latest action · May 3, 2007 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 3, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Kids Invest and Develop Savings Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax credit for retirement savings; (2) expand eligibility for such credit to taxpayers with adjusted gross incomes up to $95,000 ($150,000 for joint returns); (3) establish tax-exempt Roth individual retirement accounts (IRAs) for individuals under the age of 25; and (4) allow a tax credit for contributions to such IRAs.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from May 3, 2007 to Jun 21, 2007; 12 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Ander Crenshaw | Original | May 3, 2007 |
| R-FL | Jeff Miller | Original | May 3, 2007 |
| R-AL | Jo Bonner | Original | May 3, 2007 |
| R-CA | John Campbell | Original | May 3, 2007 |
| R-GA | Lynn A. Westmoreland | Original | May 3, 2007 |
| R-FL | Mario Diaz-Balart | Original | May 3, 2007 |
| R-CA | Mary Bono | Original | May 3, 2007 |
| R-TX | Pete Sessions | Original | May 3, 2007 |
| R-PA | Phil English | Original | May 3, 2007 |
| R-LA | Rodney Alexander | Original | May 3, 2007 |
| R-FL | Tom Feeney | Original | May 3, 2007 |
| R-FL | Vern Buchanan | Original | May 3, 2007 |
| D-IL | Jesse L. Jackson, Jr. | May 15, 2007 | |
| R-IN | Mike Pence | May 15, 2007 | |
| R-MS | Charles W. "Chip" Pickering | May 24, 2007 | |
| R-WI | Paul D. Ryan | May 24, 2007 | |
| R-NY | Thomas M. Reynolds | May 24, 2007 | |
| R-PA | Bill Shuster | Jun 21, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred May 3, 2007 |
Actions 2
Everything that happened, newest first.
- May 3, 2007Introduced in House
- May 3, 2007Referred to the House Committee on Ways and Means.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to expand incentives for saving.
- Short Titles as Introduced
- Kids Invest and Develop Savings Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 3, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
