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Savings for Working Families Act of 2007

Introduced: March 14, 2007 See on congress.gov
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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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 14, 2007
Read twice and referred to the Committee on Finance.
Mar 14, 2007
Introduced in Senate
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 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.

What's happening now March 14, 2007

Read twice and referred to the Committee on Finance.

 Related & companion bills 2
  • HR 892 Related bill Savings for Working Families Act of 2007
  • HR 1514 Related bill Savings for Working Families Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1
D
Klobuchar, Amy
Minnesota · Dec 10, 2007
 D
Cantwell, Maria
Washington · Jun 19, 2007
 R
Collins, Susan M.
Maine · Mar 14, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 871: Savings for Working Families Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-871/
MLA
"S. 871: Savings for Working Families Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-871/.
Bluebook (legal)
S. 871, 110th Cong. (2026), https://openamerica.io/bill/110-S-871/.
Markdown link
[S. 871: Savings for Working Families Act of 2007](https://openamerica.io/bill/110-S-871/)
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