Savings for Working Families Act of 2009
Latest action · May 6, 2009 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 6, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Savings for Working Families Act of 2009 - 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 19
Members who signed on, in the order they did. Signatures ran from May 6, 2009 to Sep 29, 2010; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-PA | Allyson Y. Schwartz | Original | May 6, 2009 |
| R-PA | Joseph R. Pitts | Original | May 6, 2009 |
| R-TX | Kevin Brady | Original | May 6, 2009 |
| D-MA | Niki Tsongas | May 14, 2009 | |
| D-TX | Charles A. Gonzalez | May 21, 2009 | |
| R-AK | Don Young | Jun 11, 2009 | |
| R-KY | Harold Rogers | Jun 11, 2009 | |
| D-CA | Bob Filner | Jul 9, 2009 | |
| D-TN | Steve Cohen | Jul 23, 2009 | |
| D-NY | Edolphus Towns | Sep 10, 2009 | |
| R-NY | Christopher J. Lee | Sep 24, 2009 | |
| R-PA | Jim Gerlach | Dec 10, 2009 | |
| R-MT | Denny Rehberg | Dec 16, 2009 | |
| R-MI | Vernon J. Ehlers | Feb 23, 2010 | |
| D-ME | Michael H. Michaud | Feb 26, 2010 | |
| D-GA | John Lewis | Apr 29, 2010 | |
| D-VT | Peter Welch | May 14, 2010 | |
| D-IL | Danny K. Davis | Jul 30, 2010 | |
| D-CT | James A. Himes | Sep 29, 2010 |
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 6, 2009 |
Actions 2
Everything that happened, newest first.
- May 6, 2009Introduced in House
- May 6, 2009Referred to the House Committee on Ways and Means.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 985 | Savings for Working Families Act of 2009 | Identical bill | May 7, 2009 |
| HR 1234 | Savings for Working Families Act of 2009 | Related bill | Feb 26, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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 2009
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Bank accounts, deposits, capital
- Business investment and capital
- Financial literacy
- Higher education
- Housing finance and home ownership
- Income tax credits
- Income tax exclusion
- Indian social and development programs
- Poverty and welfare assistance
- Small business
- Student aid and college costs
- Tax-exempt organizations
- Taxation
Text 1
Each version as it was printed, newest first.
- May 6, 2009Introduced 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.
