H.R.87 - 401Kids Family Savings Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Biggert, Judy [R-IL-13] (Introduced 01/04/2007)|
|Committees:||House - Ways and Means|
|Latest Action:||04/16/2007 Sponsor introductory remarks on measure. (CR H3384) (All Actions)|
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Summary: H.R.87 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (01/04/2007)
401Kids Family Savings Act of 2007 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts.
Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.