Skip to main content
S 985 111th Congress Senate Taxation Bank accounts, deposits, capital Business investment and capital Financial literacy Higher education Housing finance and home ownership Income tax credits Income tax exclusion Indian social and development programs Poverty and welfare assistance Small business Student aid and college costs Tax-exempt organizations

Savings for Working Families Act of 2009

Introduced: May 6, 2009 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2009
Sponsor introductory remarks on measure. (CR S5283-5284)
May 6, 2009
Read twice and referred to the Committee on Finance.
May 6, 2009
Introduced in Senate
 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.

What's happening now May 7, 2009

Sponsor introductory remarks on measure. (CR S5283-5284)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1