3.0.0 3740 2023-01-11T20:24:52Z 2023-01-11T20:24:52Z House H HR 2007-10-03 110 hswm00 Ways and Means Committee House Standing Referred to 2007-10-03T14:05:15Z ASPIRE Act of 2008 110 3557 S 2008-09-24 Read twice and referred to the Committee on Finance. Related bill CRS 2007-10-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-10-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-10-03 Introduced in House IntroReferral 1000 9 Library of Congress K000113 Rep. Kennedy, Patrick J. [D-RI-1] PATRICK KENNEDY D RI J. 1 N E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2007-10-03 True C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2007-10-03 True E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 2007-10-03 True P000265 Rep. Petri, Thomas E. [R-WI-6] TOM PETRI R WI 6 2007-10-03 True L000397 Rep. Lofgren, Zoe [D-CA-16] ZOE LOFGREN D CA 16 2008-09-22 False Taxation College costs Economics and Public Finance Education Education savings accounts Families Finance and Financial Sector Financial planning Government trust funds Higher education Income tax Individual retirement accounts Investments Labor and Employment Law Mutual funds Personal budgets Saving and investment Student aid Tax-deferred compensation plans Trusts and trustees Taxation 00 2007-10-03 Introduced in House 2008-12-23T15:14:41Z America Saving for Personal Investment, Retirement, and Education Act of 2007 or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in the Treasury.

Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.

Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18.

States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts.

Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts.

Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.

Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.

]]> ASPIRE Act of 2007 Official Title as Introduced To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts. Introduced in House IH Display Title ASPIRE Act of 2007 Short Titles as Introduced ASPIRE Act of 2007 Short Titles as Introduced America Saving for Personal Investment, Retirement, and Education Act of 2007 Introduced in House 2007-10-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3740ih/xml/BILLS-110hr3740ih.xml 2007-10-03 Referred to the House Committee on Ways and Means. 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.