HR 2163
110th Congress
House
Taxation
Cost of living adjustments
Economics and Public Finance
Families
Finance and Financial Sector
Income tax
Indexing (Economic policy)
Individual retirement accounts
Labor and Employment
Saving and investment
Tax credits
Tax-deferred compensation plans
Kids Invest and Develop Savings Act of 2007
Introduced: May 3, 2007
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 3, 2007
Referred to the House Committee on Ways and Means.
May 3, 2007
Introduced in House
Plain-English summary
Kids Invest and Develop Savings Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax credit for retirement savings; (2) expand eligibility for such credit to taxpayers with adjusted gross incomes up to $95,000 ($150,000 for joint returns); (3) establish tax-exempt Roth individual retirement accounts (IRAs) for individuals under the age of 25; and (4) allow a tax credit for contributions to such IRAs.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1