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S 871 in Congressional Session 110

Official Summary

 

Bill Number : S 871
 

Title : A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.
 

SUMMARY AS OF:
3/14/2007--Introduced. 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.

Votes

Title : A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.
Votes in the US Senate
This Bill was not Voted in the US Senate
Votes in the US House
This Bill was not Voted in the US House

Sponsors

 
Congressional Sponsors of S 871
 
Bill Number : S 871
Title : A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.
Sponsor: Sen Lieberman, Joseph I. [CT] (introduced 3/14/2007)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Sen Bayh, Evan [IN] - 7/9/2007

Sen Bingaman, Jeff [NM] - 6/2/2008

Sen Brown, Sherrod [OH] - 6/11/2007

Sen Bunning, Jim [KY] - 3/14/2007

Sen Cantwell, Maria [WA] - 6/19/2007

Sen Casey, Robert P., Jr. [PA] - 7/9/2007

Sen Cochran, Thad [MS] - 6/19/2007

Sen Coleman, Norm [MN] - 3/13/2008

Sen Collins, Susan M. [ME] - 3/14/2007

Sen Dodd, Christopher J. [CT] - 9/26/2008

Sen Dole, Elizabeth [NC] - 5/24/2007

Sen Johnson, Tim [SD] - 3/31/2008

Sen Kerry, John F. [MA] - 3/14/2007

Sen Klobuchar, Amy [MN] - 12/10/2007

Sen Landrieu, Mary L. [LA] - 3/26/2007

Sen Levin, Carl [MI] - 9/18/2008

Sen Lincoln, Blanche L. [AR] - 3/14/2007

Sen Martinez, Mel [FL] - 4/19/2007

Sen Nelson, Bill [FL] - 6/15/2007

Sen Pryor, Mark L. [AR] - 4/20/2007

Sen Salazar, Ken [CO] - 5/14/2007

Sen Smith, Gordon H. [OR] - 5/14/2007

Sen Snowe, Olympia J. [ME] - 3/14/2007

Sen Stabenow, Debbie [MI] - 5/1/2007

Sen Tester, Jon [MT] - 12/11/2007

Sen Warner, John [VA] - 3/14/2007

Other Info

Bill Number : S 871
Title : A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes.
 
MAJOR ACTIONS:
***NONE***
 
ALL ACTIONS:
 
3/14/2007:Read twice and referred to the Committee on Finance.