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United States · Bill · HR

H.R. 4751 (109th)

Savings for Working Families Act of 2006

referredUnited States· United States Congress· EN

Introduced

14 February 2006

Last action

14 February 2006 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Pitts, Joseph R. [R-PA-16], Rep. Jones, Stephanie Tubbs [D-OH-11], Rep. English, Phil [R-PA-3], Rep. McIntyre, Mike [D-NC-7], Rep. Hart, Melissa A. [R-PA-4], Rep. Harman, Jane [D-CA-36], Rep. Oberstar, James L. [D-MN-8], Rep. Bishop, Sanford D. [D-GA-2], Rep. Shuster, Bill [R-PA-9], Rep. Ehlers, Vernon J. [R-MI-3], Rep. McHugh, John M. [R-NY-23], Rep. McCotter, Thaddeus G. [R-MI-11], Rep. Cole, Tom [R-OK-4], Rep. McKinney, Cynthia A. [D-GA-4], Rep. Souder, Mark E. [R-IN-3], Rep. Boehlert, Sherwood [R-NY-24], Rep. Emanuel, Rahm [D-IL-5], Rep. Emerson, Jo Ann [R-MO-8], Rep. Ross, Mike [D-AR-4], Rep. Bass, Charles F. [R-NH-2], Rep. Gerlach, Jim [R-PA-6], Rep. Sanchez, Loretta [D-CA-46], Rep. Dent, Charles W. [R-PA-15], Rep. Weldon, Curt [R-PA-7], Rep. Peterson, John E. [R-PA-5], Rep. Hayes, Robin [R-NC-8], Rep. Millender-McDonald, Juanita [D-CA-37], Rep. Calvert, Ken [R-CA-41], Rep. McGovern, James P. [D-MA-2], Rep. Doggett, Lloyd [D-TX-37], Rep. Gonzalez, Charles A. [D-TX-20], Rep. Frank, Barney [D-MA-4], Rep. Neal, Richard E. [D-MA-1], Rep. Lewis, John [D-GA-5], Rep. Becerra, Xavier [D-CA-34], Rep. Kennedy, Mark R. [R-MN-6], Rep. Hinojosa, Ruben [D-TX-15], Rep. Myrick, Sue Wilkins [R-NC-9], Rep. Conyers, John, Jr. [D-MI-13], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Clay, Wm. Lacy [D-MO-1], Rep. Filner, Bob [D-CA-51], Rep. Wynn, Albert Russell [D-MD-4], Rep. Gingrey, Phil [R-GA-11], Rep. Hoekstra, Peter [R-MI-2], Sen. Capito, Shelley Moore [R-WV], Rep. McCollum, Betty [D-MN-4], Rep. Schwartz, Allyson Y. [D-PA-13]

Subjects

Taxation, Education

Source updated

10 January 2026

Taxation · Education

Official sourceDownload fileView documentsShare

Summary

Savings for Working Families Act of 2006 - 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

  1. 14 February 2006

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 14 February 2006

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 14 February 2006

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 14 February 2006

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  • Introduced in House (PDF)

    Introduced in House · EN · 14 February 2006

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  • Introduced in House

    summary · EN · 14 February 2006

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Sponsors

Showing 48 of 69 sponsors and actors.

Related records

Sources

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