Savings for Working Families Act of 2005

Summary

Savings for Working Families Act of 2005 - 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. 27 April 2005

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 April 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S4417-4418)

   Source: IntroReferral

3. 27 April 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 April 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 April 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 April 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 27 April 2005

  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. Santorum, Rick [R-PA] · R · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Savings for Working Families Act of 2006