ASPIRE Act of 2008
Latest action · Sep 24, 2008 Read twice and referred to the Committee on Finance.
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.
- IntroducedSep 24, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
America Saving for Personal Investment, Retirement, and Education Act of 2008 or the ASPIRE Act of 2008 - Establishes a KIDS Account Fund in the Treasury.
Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.
Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18.
States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts.
Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts.
Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.
Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Sep 24, 2008Introduced in Senate
- Sep 24, 2008Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3740 | ASPIRE Act of 2007 | Related bill | Oct 3, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- College costs
- Economics and Public Finance
- Education
- Education savings accounts
- Families
- Finance and Financial Sector
- Financial planning
- Government trust funds
- Higher education
- Income tax
- Individual retirement accounts
- Investments
- Labor and Employment
- Law
- Mutual funds
- Personal budgets
- Saving and investment
- Student aid
- Tax-deferred compensation plans
- Taxation
- Trusts and trustees
Text 1
Each version as it was printed, newest first.
- Sep 24, 2008Introduced in Senate
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.
