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HR 2277 111th Congress House

Savings for Working Families Act of 2009

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

Introduced: July 23, 2009 See on congress.gov
Taxation Bank accounts, deposits, capitalBusiness investment and capitalFinancial literacyHigher education
More subjectsShow fewer subjects
Housing finance and home ownershipIncome tax creditsIncome tax exclusionIndian social and development programsPoverty and welfare assistanceSmall businessStudent aid and college costsTax-exempt organizations
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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
May 6, 2009
Referred to the House Committee on Ways and Means.
May 6, 2009
Introduced in House
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 Latest action May 6, 2009

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Savings for Working Families Act of 2009 - 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 1234 Related bill Savings for Working Families Act of 2009
  • S 985 Identical bill Savings for Working Families Act of 2009
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 6
All 6 Democratic 4 Republican 1
D
Himes, James A.
Connecticut · Sep 29, 2010
 D
Davis, Danny K.
Illinois · Jul 30, 2010
 D
Welch, Peter
Vermont · May 14, 2010
Lee, Christopher
· Sep 24, 2009
 D
Cohen, Steve
Tennessee · Jul 23, 2009
 R
Rogers, Harold
Kentucky · Jun 11, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2277: Savings for Working Families Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-HR-2277/
MLA
"H.R. 2277: Savings for Working Families Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-2277/.
Bluebook (legal)
H.R. 2277, 111th Cong. (2026), https://openamerica.io/bill/111-HR-2277/.
Markdown link
[H.R. 2277: Savings for Working Families Act of 2009](https://openamerica.io/bill/111-HR-2277/)
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