3.0.0 242 2019-11-15T21:43:07Z 2019-11-15T21:43:07Z House H HR 2007-01-05 110 hswm00 Ways and Means Committee House Standing hswm01 Social Security Subcommittee Referred to 2007-01-18T21:28:06Z Referred to 2007-01-05T14:32:40Z 2007-01-18 hswm01 Social Security Subcommittee 1 House committee actions Referred to the Subcommittee on Social Security. Committee 2007-01-05 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-01-05 Sponsor introductory remarks on measure. (CR E26-27) IntroReferral B00100 9 Library of Congress 2007-01-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-01-05 Introduced in House IntroReferral 1000 9 Library of Congress W000273 Rep. Weller, Jerry [R-IL-11] GERALD WELLER R IL C. 11 N Social Welfare Annuities Bonds Civil service retirement Cost of living adjustments Economics and Public Finance Families Finance and Financial Sector Gift tax Government Operations and Politics Government securities Government trust funds Grandparents Individual retirement accounts Inheritance tax Investments Labor and Employment Law Mutual funds Old age, survivors and disability insurance Parents Social security finance Social security numbers Stocks Tax exemption Tax refunds Taxation Trusts and trustees Social Welfare 00 2007-01-05 Introduced in House 2007-01-18T22:33:36Z Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).

Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such individual's KidSave Account is established; plus (2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.

Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.

]]> Social Security KidSave Accounts Act Short Titles as Introduced Social Security KidSave Accounts Act Display Title Social Security KidSave Accounts Act Official Title as Introduced To amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes. Introduced in House 2007-01-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr242ih/xml/BILLS-110hr242ih.xml 2007-01-18 Referred to the Subcommittee on Social Security. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.