Savings for Working Families Act of 2001

Summary

Savings for Working Families Act of 2001 - Amends the Internal Revenue Code to permit any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual (income based) as part of a qualified individual development account program (matched individual and entity savings accounts for qualifying educational, first-time home purchase, or business expenses). Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs. Provides matching funds through a tax credit for a participating entity's program investment.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 June 2001

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 June 2001

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• Introduced in Senate

  summary · EN · 13 June 2001

  Open at official source

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