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United States · Bill · S

S. 871 (110th)

Savings for Working Families Act of 2007

referredUnited States· United States Congress· EN

Introduced

14 March 2007

Last action

14 March 2007 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Lieberman, Joseph I. [ID-CT], Sen. Bunning, Jim [R-KY], Sen. Lincoln, Blanche L. [D-AR], Sen. Snowe, Olympia J. [R-ME], Sen. Kerry, John F. [D-MA], Sen. Collins, Susan M. [R-ME], Sen. Warner, John [R-VA], Sen. Landrieu, Mary L. [D-LA], Sen. Martinez, Mel [R-FL], Sen. Pryor, Mark L. [D-AR], Sen. Stabenow, Debbie [D-MI], Sen. Salazar, Ken [D-CO], Sen. Smith, Gordon H. [R-OR], Sen. Dole, Elizabeth [R-NC], Sen. Brown, Sherrod [D-OH], Sen. Nelson, Bill [D-FL], Sen. Cantwell, Maria [D-WA], Sen. Cochran, Thad [R-MS], Sen. Bayh, Evan [D-IN], Sen. Casey, Robert P., Jr. [D-PA], Sen. Klobuchar, Amy [D-MN], Sen. Tester, Jon [D-MT], Sen. Coleman, Norm [R-MN], Sen. Johnson, Tim [D-SD], Sen. Bingaman, Jeff [D-NM], Sen. Levin, Carl [D-MI], Sen. Dodd, Christopher J. [D-CT]

Subjects

Taxation, Education

Source updated

10 January 2026

Taxation · Education

Official sourceDownload fileView documentsShare

Summary

Savings for Working Families Act of 2007 - 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 March 2007

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 14 March 2007

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 14 March 2007

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 14 March 2007

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 14 March 2007

    Open at official source

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Sponsors

Related records

Sources

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