HR 2160
107th Congress
House
Social Welfare
Bank accounts
Business income tax
Capital investments
Charities
College costs
Commerce
Community development banking
Congress
Congressional reporting requirements
Credit unions
Economics and Public Finance
Education
Education savings accounts
Electronic funds transfers
Families
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Higher education
Savings for Working Families Act
Introduced: June 13, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 13, 2001
Referred to the House Committee on Ways and Means.
Jun 13, 2001
Sponsor introductory remarks on measure. (CR H3078, E1091-1092)
Jun 13, 2001
Introduced in House
Plain-English summary
Savings for Working Families Act - Amends the Internal Revenue Code to permit any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual (income based) as part of a qualified individual development account program (matched individual and entity savings accounts for qualifying educational, first-time home purchase, or business expenses). Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs.
Provides matching funds through a tax credit for a participating entity's program investment.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1