ASPIRE Act of 2007

Summary

America Saving for Personal Investment, Retirement, and Education Act of 2007 or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18. States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts. Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts. Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 October 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 3 October 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 October 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 October 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 October 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 October 2007

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 3 October 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kennedy, Patrick J. [D-RI-1] · D · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. Cooper, Jim [D-TN-5] · D · Sponsor
• Rep. Emanuel, Rahm [D-IL-5] · D · Sponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Sponsor
• Rep. Lofgren, Zoe [D-CA-18] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← ASPIRE Act of 2008