US Congress House Bill 2964 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on August 1 2013 - 25% progression, died in committee
Action: 2013-08-01 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Savings for Working Families Act of 2013 - 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.

Savings for Working Families Act of 2013

Rep. Joseph Pitts [R-PA]

Date	Chamber	Action
2013-08-01	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/2964/all-info
Text	https://www.congress.gov/113/bills/hr2964/BILLS-113hr2964ih.pdf