Savings for Working Families Act of 2007
Latest action · Mar 14, 2007 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.
- IntroducedMar 14, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from Mar 14, 2007 to Sep 26, 2008; 6 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-AR | Blanche L. Lincoln | Original | Mar 14, 2007 |
| R-KY | Jim Bunning | Original | Mar 14, 2007 |
| D-MA | John F. Kerry | Original | Mar 14, 2007 |
| R-VA | John Warner | Original | Mar 14, 2007 |
| R-ME | Olympia J. Snowe | Original | Mar 14, 2007 |
| R-ME | Susan M. Collins | Original | Mar 14, 2007 |
| D-LA | Mary L. Landrieu | Mar 26, 2007 | |
| R-FL | Mel Martinez | Apr 19, 2007 | |
| D-AR | Mark L. Pryor | Apr 20, 2007 | |
| D-MI | Debbie Stabenow | May 1, 2007 | |
| R-OR | Gordon H. Smith | May 14, 2007 | |
| D-CO | Ken Salazar | May 14, 2007 | |
| R-NC | Elizabeth Dole | May 24, 2007 | |
| D-OH | Sherrod Brown | Jun 11, 2007 | |
| D-FL | Bill Nelson | Jun 15, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 14, 2007 |
Actions 2
Everything that happened, newest first.
- Mar 14, 2007Introduced in Senate
- Mar 14, 2007Read twice and referred to the Committee on Finance.
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 1
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 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 892 | Savings for Working Families Act of 2007 | Related bill | Feb 7, 2007 |
| HR 1514 | Savings for Working Families Act of 2007 | Related bill | Mar 14, 2007 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.
- Short Titles as Introduced
- Savings for Working Families Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Bank accounts
- Bank records
- Capital
- College costs
- Community development banking
- Congress
- Congressional reporting requirements
- Education
- Federal aid to Indians
- Fees
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Grants-in-aid
- Higher education
- Home ownership
- Housing and Community Development
- Housing finance
- Income tax
- Minorities
- Nonprofit organizations
- Personal budgets
- Saving and investment
- Social Welfare
- Tax credits
- Tax exclusion
- Tax exemption
- Taxation
- Welfare eligibility
Text 1
Each version as it was printed, newest first.
- Mar 14, 2007Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
