Social Security KidSave Accounts Act
Latest action · Jan 18, 2007 Referred to the Subcommittee on Social Security.
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.
- IntroducedJan 5, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).
Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such individual's KidSave Account is established; plus (2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.
Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.
Cosponsors
Members who signed on, in the order they did.
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 Jan 5, 2007 |
| Social Security Subcommittee | Referred Jan 18, 2007 |
Actions 4
Everything that happened, newest first.
- Jan 18, 2007Referred to the Subcommittee on Social Security.
- Jan 5, 2007Introduced in House
- Jan 5, 2007Sponsor introductory remarks on measure. (CR E26-27)
- Jan 5, 2007Referred to the House Committee on Ways and Means.
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 E26 | Jerry Weller R-IL | Jan 5, 2007 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes.
- Short Titles as Introduced
- Social Security KidSave Accounts Act
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Annuities
- Bonds
- Civil service retirement
- Cost of living adjustments
- Economics and Public Finance
- Families
- Finance and Financial Sector
- Gift tax
- Government Operations and Politics
- Government securities
- Government trust funds
- Grandparents
- Individual retirement accounts
- Inheritance tax
- Investments
- Labor and Employment
- Law
- Mutual funds
- Old age, survivors and disability insurance
- Parents
- Social security finance
- Social security numbers
- Social Welfare
- Stocks
- Tax exemption
- Tax refunds
- Taxation
- Trusts and trustees
Text 1
Each version as it was printed, newest first.
- Jan 5, 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.
