US SB985 | 2009-2010 | 111th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 6 2009 - 25% progression, died in chamber
Action: 2009-05-07 - Sponsor introductory remarks on measure. (CR S5283-5284)
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 6 2009 - 25% progression, died in chamber
Action: 2009-05-07 - Sponsor introductory remarks on measure. (CR S5283-5284)
Text: Latest bill text (Introduced) [PDF]
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.
Title
Savings for Working Families Act of 2009
Sponsors
Sen. Jeff Bingaman [D-NM] | Sen. Jim Bunning [R-KY] | Sen. Maria Cantwell [D-WA] | Sen. Thad Cochran [R-MS] |
Sen. Susan Collins [R-ME] | Sen. Tim Johnson [D-SD] | Sen. John Kerry [D-MA] | Sen. Joseph Lieberman [I-CT] |
Sen. Blanche Lincoln [D-AR] | Sen. Jeff Merkley [D-OR] | Sen. Olympia Snowe [R-ME] |
History
Date | Chamber | Action |
---|---|---|
2009-05-07 | Sponsor introductory remarks on measure. (CR S5283-5284) | |
2009-05-06 | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB1234 (Related) 2009-02-26 - Referred to the House Committee on Ways and Means.
HB2277 (Same As) 2009-05-06 - Referred to the House Committee on Ways and Means.
HB2277 (Same As) 2009-05-06 - Referred to the House Committee on Ways and Means.
Subjects
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
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/senate-bill/985/all-info |
Text | https://www.congress.gov/111/bills/s985/BILLS-111s985is.pdf |