II 110th CONGRESS 1st Session S. 591 IN THE SENATE OF THE UNITED STATES February 14, 2007 Mr. Chambliss (for himself, Mr. Harkin, Mr. Roberts, Mrs. Lincoln, Mr. Cochran, and Mr. Leahy) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Food Stamp Act of 1977 to adjust for inflation the allowable amounts of financial resources of eligible households and to exclude from countable financial resources certain retirement and education accounts.
1.
Short title
This Act may be cited as the Food Stamp Personal Savings and Investment Act of 2007.
2.
Allowable financial resources
Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) is amended— (1)by striking (g)(1) The Secretary and inserting the following: (g)
Allowable financial resources
(1)
Total amount
(A)
In general
The Secretary . (2)in subparagraph (A) (as designated by paragraph (1)— (A)by inserting (as adjusted in accordance with subparagraph (B)) after $2,000; and (B)by inserting (as adjusted in accordance with subparagraph (B)) after $3,000; and (3)by adding at the end the following: (B)
Adjustment for inflation
(i)
In general
Beginning on October 1, 2007, and each October 1 thereafter, the amounts in subparagraph (A) shall be adjusted to the nearest $100 increment to reflect changes for the 12-month period ending the preceding June in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. (ii)
Requirement
Each adjustment under clause (i) shall be based on the unrounded amount for the prior 12-month period. .
3.
Exclusion of retirement accounts from countable financial resources
(a)
In general
Section 5(g)(2)(B)(v) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)(2)(B)(v)) is amended by striking or retirement account (including an individual account) and inserting account. (b)
Mandatory and discretionary exclusions
Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) is amended by adding at the end the following: (7)
Exclusion of retirement accounts from countable financial resources
(A)
Mandatory exclusions
The Secretary shall exclude from financial resources under this subsection the value of any funds in a plan, contract, or account, described in sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and the value of funds in a Federal Thrift Savings Plan account as provided in section 8439 of title 5, United States Code. (B)
Discretionary exclusions
The Secretary may exclude from financial resources under this subsection the value of any other retirement plans, contracts, or accounts (as determined by the Secretary through regulation). .
4.
Exclusion of education accounts from countable financial resources
Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) (as amended by section 3) is amended by adding at the end the following: (8)
Exclusion of education accounts from countable financial resources
(A)
Mandatory exclusions
The Secretary shall exclude from financial resources under this subsection the value of any funds in a qualified tuition program described in section 529 of the Internal Revenue Code of 1986 or in a Coverdell education savings account under section 530 of that Code. (B)
Discretionary exclusions
The Secretary may exclude from financial resources under this subsection the value of any other education programs, contracts, or accounts (as determined by the Secretary through regulation). .