United States · Bill · HR
H.R. 1234 (111th)
Savings for Working Families Act of 2009
Introduced
26 February 2009
Last action
26 February 2009 · Introduced
Status
Referred to the House Committee on Ways and Means.
Sponsors
Rep. Pitts, Joseph R. [R-PA-16], KEVIN BRADY, Rep. Platts, Todd Russell [R-PA-19]
Subjects
Taxation, Education
Source updated
10 January 2026
Summary
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.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
26 February 2009
Introduced
Introduced in House
Source: IntroReferral
26 February 2009
Introduced
Introduced in House
Source: IntroReferral
26 February 2009
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
Votes
No vote records are attached yet.
Versions
- Introduced in House · 26 February 2009 · Official file
Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 26 February 2009
Introduced in House (PDF)
Introduced in House · EN · 26 February 2009
Introduced in House
summary · EN · 26 February 2009
Sponsors
- Rep. Pitts, Joseph R. [R-PA-16] · R · Sponsor
- KEVIN BRADY · R · Sponsor
- Rep. Platts, Todd Russell [R-PA-19] · R · Cosponsor
- · hswm00 · Standing
Related records
- related to ← Savings for Working Families Act of 2009
- related to ← Savings for Working Families Act of 2009
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/111th-congress/house-bill/1234
- Open data entity: https://api.congress.gov/v3/bill/111/hr/1234
- us · 111-hr-1234 · source updated 10 January 2026