Savings for Working Families Act of 2009
Latest action · May 7, 2009 Sponsor introductory remarks on measure. (CR S5283-5284)
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 SenateNot reached
- Passed HouseNot 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 10
Members who signed on, in the order they did. Signatures ran from May 6, 2009 to Feb 4, 2010; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Jim Bunning | Original | May 6, 2009 |
| D-MA | John F. Kerry | Original | May 6, 2009 |
| I-CT | Joseph I. Lieberman | Original | May 6, 2009 |
| R-ME | Olympia J. Snowe | Original | May 6, 2009 |
| R-ME | Susan M. Collins | Original | May 6, 2009 |
| D-NM | Jeff Bingaman | May 12, 2009 | |
| R-MS | Thad Cochran | Jun 1, 2009 | |
| D-SD | Tim Johnson | Jun 1, 2009 | |
| D-WA | Maria Cantwell | Oct 29, 2009 | |
| D-OR | Jeff Merkley | Feb 4, 2010 |
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 May 6, 2009 |
Actions 3
Everything that happened, newest first.
- May 7, 2009Sponsor introductory remarks on measure. (CR S5283-5284)
- May 6, 2009Introduced in Senate
- May 6, 2009Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1234 | Savings for Working Families Act of 2009 | Related bill | Feb 26, 2009 |
| HR 2277 | Savings for Working Families Act of 2009 | Identical bill | May 6, 2009 |
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 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 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.
