Individual Development Account Demonstration Act

Summary

Individual Development Account Demonstration Act - Amends the Internal Revenue Code to allow a deduction for contributions made to an individual development account (IDA) by or on behalf of a qualified individual to pay qualified expenses of such individual. Limits such contributions to $2,000 per year. Defines qualified expenses as those for: (1) postsecondary educational expenses; (2) a first-home purchase; and (3) retirement. Allows such deduction in arriving at adjusted gross income. Declares that contributions to IDAs are not subject to the gift tax or the tax on prohibited transactions. Provides for the establishment of demonstration projects designed to determine: (1) the social, psychological, and economic effects of providing to individuals with limited means an opportunity to accumulate assets; and (2) the extent to which an asset-based welfare policy may be used to enable individuals with low income to achieve economic self-sufficiency. Makes an individual eligible for assistance under a demonstration project if such individual is a member of a household that meets: (1) the income test of not more than 200 percent of the poverty threshold; and (2) the net worth test of not more than $20,000.

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

Timeline

1. 6 January 1993

   Introduced

   Referred to the House Committee on Education and Labor.

   Source: IntroReferral

2. 6 January 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 January 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 19 February 1993

   Referred

   Referred to the Subcommittee on Postsecondary Education and Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 6 January 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 January 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 January 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 6 January 1993

  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. Hall, Tony P. [D-OH-3] · D · Sponsor
• Rep. Emerson, Bill [R-MO-8] · R · Sponsor
• Rep. Waters, Maxine [D-CA-43] · D · Cosponsor
• Rep. Barrett, Thomas M. [D-WI-5] · D · Cosponsor
• Rep. Weldon, Curt [R-PA-7] · R · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Flake, Floyd H. [D-NY-6] · D · Cosponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Cosponsor
• Rep. Meek, Carrie P. [D-FL-17] · D · Cosponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Cosponsor
• Rep. Strickland, Ted [D-OH-6] · D · Cosponsor
• Rep. Engel, Eliot L. [D-NY-16] · D · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

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