3.0.0 871 2023-01-11T19:46:04Z 2023-01-11T19:46:04Z Senate S S 2007-03-14 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-14T16:10:40Z Savings for Working Families Act of 2007 110 892 HR 2007-02-07 Referred to the House Committee on Ways and Means. Related bill CRS Savings for Working Families Act of 2007 110 1514 HR 2007-03-14 Referred to the House Committee on Ways and Means. Related bill CRS 2007-03-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-03-14 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. N B001066 Sen. Bunning, Jim [R-KY] JIM BUNNING R KY 2007-03-14 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2007-03-14 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2007-03-14 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-03-14 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2007-03-14 True W000154 Sen. Warner, John [R-VA] JOHN WARNER R VA WILLIAM 2007-03-14 True L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2007-03-26 False M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2007-04-19 False P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2007-04-20 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2007-05-01 False S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2007-05-14 False S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2007-05-14 False D000601 Sen. Dole, Elizabeth [R-NC] Elizabeth Dole R NC H. 2007-05-24 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-06-11 False N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2007-06-15 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2007-06-19 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2007-06-19 False B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2007-07-09 False C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2007-07-09 False K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2007-12-10 False T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2007-12-11 False C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-03-13 False J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD 2008-03-31 False B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2008-06-02 False L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2008-09-18 False D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2008-09-26 False Taxation Bank accounts Bank records Capital College costs Community development banking Congress Congressional reporting requirements Education Federal aid to Indians Fees Finance and Financial Sector Government Operations and Politics Government paperwork Grants-in-aid Higher education Home ownership Housing and Community Development Housing finance Income tax Minorities Nonprofit organizations Personal budgets Saving and investment Social Welfare Tax credits Tax exclusion Tax exemption Welfare eligibility Taxation 00 2007-03-14 Introduced in Senate 2007-03-26T18:23:58Z 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.

]]> Savings for Working Families Act of 2007 Official Title as Introduced A bill to establish and provide for the treatment of Individual Development Accounts, and for other purposes. Introduced in Senate IS Display Title Savings for Working Families Act of 2007 Short Titles as Introduced Savings for Working Families Act of 2007 Introduced in Senate 2007-03-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s871is/xml/BILLS-110s871is.xml 2007-03-14 Read twice and referred to the Committee on Finance. 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.