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HR 1514 110th Congress House

Savings for Working Families Act of 2007

Official title: To establish and provide for the treatment of Individual Development Accounts, and for other purposes.

Introduced: September 17, 2007 See on congress.gov
Taxation Bank accountsBank recordsCapitalCollege costs
More subjectsShow fewer subjects
Community development bankingCongressional reporting requirementsEducationFederal aid to IndiansFeesFinance and Financial SectorGovernment Operations and PoliticsGovernment paperworkGrants-in-aidHigher educationHome ownershipHousing and Community DevelopmentHousing financeIncome taxMinorities
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 14, 2007
Referred to the House Committee on Ways and Means.
Mar 14, 2007
Sponsor introductory remarks on measure. (CR E550)
Mar 14, 2007
Introduced in House
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 Latest action March 14, 2007

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 2
  • HR 892 Related bill Savings for Working Families Act of 2007
  • S 871 Related bill Savings for Working Families Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 21
All 21 Democratic 16 Republican 5
R
Cole, Tom
Oklahoma · Jun 20, 2008
 D
Johnson, Henry C. "Hank"
Georgia · Apr 8, 2008
 D
Wasserman Schultz, Debbie
Florida · Mar 4, 2008
 D
Bishop, Sanford D.
Georgia · Dec 13, 2007
 R
Calvert, Ken
California · Nov 8, 2007
 D
Scott, Robert C. "Bobby"
Virginia · Sep 26, 2007
 D
Green, Al
Texas · Sep 17, 2007
 D
McGovern, James P.
Massachusetts · Sep 17, 2007
 D
Hirono, Mazie K.
Hawaii · Jul 26, 2007
 D
McCollum, Betty
Minnesota · Jul 18, 2007
 D
Clarke, Yvette D.
New York · Jul 16, 2007
 D
Welch, Peter
Vermont · Jun 26, 2007
 R
Boozman, John
Arkansas · Jun 12, 2007
 D
Schakowsky, Janice D.
Illinois · May 24, 2007
 R
Walberg, Tim
Michigan · May 17, 2007
 D
Lofgren, Zoe
California · May 10, 2007
 D
Matsui, Doris O.
California · Apr 26, 2007
 D
DeLauro, Rosa L.
Connecticut · Apr 24, 2007
 R
Rogers, Harold
Kentucky · Apr 24, 2007
 D
Cohen, Steve
Tennessee · Apr 18, 2007
 D
Larsen, Rick
Washington · Mar 28, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1514: Savings for Working Families Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-HR-1514/
MLA
"H.R. 1514: Savings for Working Families Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-1514/.
Bluebook (legal)
H.R. 1514, 110th Cong. (2026), https://openamerica.io/bill/110-HR-1514/.
Markdown link
[H.R. 1514: Savings for Working Families Act of 2007](https://openamerica.io/bill/110-HR-1514/)
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