H.R.2160 - Savings for Working Families Act107th Congress (2001-2002)
|Sponsor:||Rep. Pitts, Joseph R. [R-PA-16] (Introduced 06/13/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||06/13/2001 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Social Welfare
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Summary: H.R.2160 — 107th Congress (2001-2002)All Bill Information (Except Text)
Savings for Working Families Act - 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.
Introduced in House (06/13/2001)
Provides matching funds through a tax credit for a participating entity's program investment.