Savings for Working Families Act of 2000

Summary

Savings for Working Families Act of 2000 - Title I: Individual Development Accounts For Low-Income Workers - Sets forth requirements for qualified individual development accounts (IDAs) for low-income workers, including: (1) the basic structure and administration of qualified IDA programs established by qualified financial institutions (QFIs) or qualified nonprofit organizations (QNOs); (2) procedures for opening an IDA with a QFI or a QNO and contributing money (of up to a certain amount, except in the case of qualified rollovers) in accordance with specified guidelines to qualify for matching funds from QFIs, QNOs, State, local, or private sources to be held in a parallel account; (3) QFI or QNO deposits of all matching funds (matched dollar-for-dollar for the first 500 contributed by an eligible individual to an IDA for any taxable year) for each IDA in a parallel, interest-bearing account at a QFI or QNO; (4) procedures for withdrawals from an IDA for qualified higher education expenses, first-time homebuyer costs, business capitalization costs, or rollovers to other IDAs of the individual or the individual's spouse or dependents; (5) certification to the Secretary of the Treasury or designated organization that qualified IDAs and other described accounts are operating pursuant to this Act, and termination of qualified IDA programs if the Secretary, or designated organization, determines that a QFI, or QNO, is not operating a qualified IDA program in accordance with this Act; and (6) reporting, monitoring, and evaluation requirements. Authorizes appropriations. (Sec. 105) Allows for withdrawal from an IDA for non-qualified expenses, but with forfeiture of all corresponding matching funds and interest earned on them, unless the withdrawn funds are recontributed within one year. (Sec. 108) Disregards funds in parallel accounts of program participants for purposes of certain means-tested Federal programs. Title II: Qualified Individual Development Account Program Investment Credits - Amends the Internal Revenue Code to allow a tax credit for a qualified IDA program investment by an eligible taxpayer (a QFI or a non-QFI meeting specified criteria) during the taxable year. (Sec. 202) Declares that QFIs which establish qualified IDA programs shall not receive credit for funding, administration, and education expenses under any test contained in regulations for the Community Reinvestment Act of 1977 for those activities and expenses related to such programs and accounted for in the tax credit above. (Sec. 203) Authorizes an individual to designate that a specified portion of any overpayment of tax for a taxable year attributable to the earned income credit shall be deposited by the Secretary into the individual's IDA.

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Timeline

1. 2 February 2000

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 2 February 2000

   Introduced

   Sponsor introductory remarks on measure. (CR S287-288)

   Source: IntroReferral

3. 2 February 2000

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 February 2000 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 February 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 February 2000

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 2 February 2000

  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

• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Santorum, Rick [R-PA] · R · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Robb, Charles S. [D-VA] · D · Sponsor
• Sen. Bayh, Evan [D-IN] · D · Sponsor
• Sen. Grams, Rod [R-MN] · R · Cosponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Cosponsor
• Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Savings for Working Families Act of 2000