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S 3200 106th Congress Senate Social Welfare Economics and Public Finance Families Finance and Financial Sector Government trust funds Income tax Individual retirement accounts Labor and Employment Old age, survivors and disability insurance Personal income tax Saving and investment Savings accounts Tax exclusion Tax-deferred compensation plans Taxation

Social Security KidSave Accounts Act

Introduced: October 12, 2000 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 12, 2000
Read twice and referred to the Committee on Finance.
Oct 12, 2000
Sponsor introductory remarks on measure. (CR S10420-10421)
Oct 12, 2000
Introduced in Senate
 Plain-English summary Congressional Research Service
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, 2000, 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.

What's happening now October 12, 2000

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1