S.895 - Savings for Working Families Act106th Congress (1999-2000)
|Sponsor:||Sen. Lieberman, Joseph I. [D-CT] (Introduced 04/28/1999)|
|Committees:||Senate - Finance|
|Latest Action:||04/28/1999 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.895 — 106th Congress (1999-2000)All Bill Information (Except Text)
Introduced in Senate (04/28/1999)
TABLE OF CONTENTS:
Title I: Individual Development Accounts for Low-Income
Title II: Individual Development Account Investment Credits
Savings for Working Families Act - States that the purposes of this Act are to provide for the establishment of individual development accounts (IDAs) projects for the following stated objectives: (1) providing individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream; (2) promoting education, homeownership, and small business development; and (3) stabilizing families and building communities.
Title I: Individual Development Accounts For Low-Income Workers - Sets forth requirements for IDAs for low-income workers, including the following: (1) the basic structure and administration of IDA programs established by qualified financial institutions (QFIs) either alone or in partnership with community-based, nonprofit organizations; (2) procedures for opening an IDA with a QFI 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, State, local, or private sources to be held in either one of two special separate described accounts; (3) QFI deposits of all matching funds (matched dollar-for-dollar for the first $300 contributed by an eligible individual to an IDA for any taxable year) for each IDA in one such an account which is interest-bearing; (4) withdrawal procedures for IDA holders who have completed a QFI economic literacy course to obtain matching funds to pay for qualified expenses upon obtaining appropriate permission; (5) certification to the Secretary of the Treasury that IDAs and other described accounts are operating pursuant to this Act, and termination of IDA programs if the Secretary determines that a QFI is not operating an IDA program in accordance with this Act; and (6) reporting and evaluation requirements. Authorizes appropriations.
Title II: Individual Development Account Investment Credits - Amends the Internal Revenue Code to allow a tax credit for a QFI's IDA investment during the taxable year, including the aggregate amount of dollar-for-dollar matches under the IDA program, plus the lesser of $100 times the number of IDA accounts maintained by the QFI, or a specified portion of certain costs of providing economic literacy training to IDA holders and underwriting the activities of collaborating community-based, not-for-profit organizations.
(Sec. 202) Declares that QFIs which establish IDA programs shall receive credit for funding, administration, and education expenses under the services test contained in regulations for the Community Reinvestment Act of 1977 for those activities related to IDAs.
(Sec. 203) Authorizes an individual to designate that a specified portion (not less than $1) of any overpayment of tax for a taxable year which is attributable to the earned income credit shall be deposited by the Secretary into the individual's IDA.