Automatic IRA Act of 2007
Latest action · Jul 17, 2007 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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
Automatic IRA Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs); (2) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing a payroll deposit IRA arrangement; and (3) treat automatic IRAs as individual retirement accounts (and as Roth IRAs) for income tax purposes.
Establishes in the executive branch the TSP II Board to establish policies and procedures relating to payroll deposit IRA arrangements.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from May 3, 2007 to Sep 9, 2008; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-PA | Allyson Y. Schwartz | Original | May 3, 2007 |
| D-CT | John B. Larson | Original | May 3, 2007 |
| R-PA | Phil English | Original | May 3, 2007 |
| D-IL | Rahm Emanuel | Original | May 3, 2007 |
| D-IL | Daniel Lipinski | May 9, 2007 | |
| D-AL | Artur Davis | May 10, 2007 | |
| D-NY | Carolyn McCarthy | May 24, 2007 | |
| R-CA | Darrell Issa | Jun 5, 2007 | |
| D-NH | Paul W. Hodes | Jun 26, 2007 | |
| R-PR | Luis G. Fortuno | Jul 11, 2007 | |
| D-OR | Earl Blumenauer | Jul 27, 2007 | |
| D-MA | James P. McGovern | Sep 10, 2007 | |
| D-WA | Jim McDermott | Sep 10, 2007 | |
| D-HI | Neil Abercrombie | Sep 24, 2007 | |
| D-CA | Linda T. Sánchez | Oct 2, 2007 | |
| D-CA | Zoe Lofgren | Oct 10, 2007 | |
| D-NY | Carolyn B. Maloney | Oct 17, 2007 | |
| D-TX | Eddie Bernice Johnson | Nov 7, 2007 | |
| D-WA | Brian Baird | Jan 28, 2008 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Apr 9, 2008 | |
| D-MD | Chris Van Hollen | Apr 14, 2008 | |
| D-GA | John Lewis | Apr 29, 2008 | |
| D-PA | Jason Altmire | Jun 26, 2008 | |
| D-NY | Joseph Crowley | Jun 26, 2008 | |
| R-FL | Tom Feeney | Jul 9, 2008 | |
| R-FL | Lincoln Diaz-Balart | Sep 9, 2008 |
Committees 2
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 |
| House | Education and Workforce Committee | Referred May 3, 2007 |
| Health, Employment, Labor, and Pensions Subcommittee | Referred Jul 17, 2007 |
Actions 4
Everything that happened, newest first.
- Jul 17, 2007Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- May 4, 2007Sponsor introductory remarks on measure. (CR E953-954)
- May 3, 2007Introduced in House
- May 3, 2007Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E953 | Richard E. Neal D-MA | May 4, 2007 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-90 | INDIVIDUAL RETIREMENT ACCOUNTS (IRA's) IN THE RETIREMENT SYSTEM166 pages | Ways and Means Committee | Jun 26, 2008 |
| Serial No. 110-71 | SECURING RETIREMENT COVERAGE FOR FUTURE GENERATIONS83 pages | Education and Workforce Committee | Nov 8, 2007 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| TE10042 | Protecting America: The Reauthorization of the Terrorism Risk Insurance Program Archived | Testimony | Oct 16, 2019 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1141 | Automatic IRA Act of 2007 | Identical bill | Apr 18, 2007 |
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 allow employees not covered by qualified retirement plans to save for retirement through automatic payroll deposit IRAs, to facilitate similar saving by the self-employed, and for other purposes.
- Short Titles as Introduced
- Automatic IRA 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.
