H.R. 87House110th Congress (2007-2009)In Committee

401Kids Family Savings Act of 2007

Introduced January 4, 2007

Legislative Activity

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3 earlier actions
HouseIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR H3384)

April 16, 2007

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HouseIntro Referral

Introduced in House

January 4, 2007

HouseIntro Referral

Referred to the House Committee on Ways and Means.

January 4, 2007

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H2273, H2274)

March 7, 2007

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H3384)

April 16, 2007

Floor Debate

10 members

What members said about H.R. 87 on the floor

8 Republicans2 Democrats
Mark Kirk
Rep. Mark KirkR-IL-10 · Jun 11, 2007

Madam Speaker, as we begin the work of this Congress, we should follow several key principles. Our first principle, which should be the main work of this House, should be focused on key major issues…

Mark Kirk
Rep. Mark KirkR-IL-10 · Mar 7, 2007

Mr. Speaker, as we take up the agenda of the new Congress in the 110th iteration, we should look to new issues which address the needs of the American people in this century, in this time. When we…

Tom Price
Rep. Tom PriceR-GA-6 · Jun 11, 2007

It really is a privilege for me to come to the floor tonight and work with you, Mr. Kirk, for a few moments and to explain to our colleagues here in the House and to the Speaker about the suburban…

Ruben Hinojosa
Rep. Ruben HinojosaD-TX-15 · Apr 16, 2007

Mr. Speaker, I rise in strong support of House Resolution 273 that the gentlewoman from Illinois (Mrs. Biggert) and I introduced earlier this year. The legislation supports the ideas and goals of…

Tim Murphy
Rep. Tim MurphyR-PA-18 · Mar 7, 2007

Mr. Speaker, I thank my friend from Illinois for yielding. As you said, few things are as important as the health of our families. A lot of times in this Congress we talk about issues of health care…

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Pete Sessions
Rep. Pete SessionsR-TX-32 · Mar 7, 2007

I appreciate the gentleman yielding me the time. Being from Dallas, Texas, does offer me the opportunity to come in and join the Suburban Caucus members here tonight from Illinois and Pennsylvania;…

Jim Gerlach
Rep. Jim GerlachR-PA-6 · Mar 7, 2007

Mr. Speaker, I want to express my gratitude to the gentleman from Illinois (Mr. Kirk) for his terrific leadership in pulling us together for this terrific suburban agenda that we have been putting…

Charles W. Dent
Rep. Charles W. DentR-PA-15 · Mar 7, 2007

Mr. Speaker, I want to especially thank the gentleman from Illinois (Mr. Kirk) for his strong leadership on this suburban agenda. I also want to thank him, too, for arranging this opportunity for…

Judy Biggert
Rep. Judy BiggertR-IL-13 · Apr 16, 2007

I thank the gentlewoman for yielding. Mr. Speaker, I rise today in support of House Resolution 273, to designate April as Financial Literacy Month. This will be the fourth year that I have had the…

Judy Biggert
Rep. Judy BiggertR-IL-13 · Mar 7, 2007

Thank you so much, Mr. Kirk, for organizing this opportunity to discuss the Suburban Agenda. As a Member who represents part of Cook County, the most populous county in Illinois, DuPage County, the…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Apr 16, 2007

Mr. Speaker, I yield myself such time as I may consume. Today many Americans do not know how to balance a checkbook, intelligently invest their money or financially plan for their retirement. Studies…

Diane E. Watson
Rep. Diane E. WatsonD-CA-33 · Apr 16, 2007

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 273) supporting the goals and ideals of Financial Literacy Month, and for other purposes. Mr. Speaker, I ask unanimous…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in HouseIssued January 4, 2007

I

110th CONGRESS

1st Session

H. R. 87

IN THE HOUSE OF REPRESENTATIVES

January 4, 2007

Mrs. Biggert introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to improve and expand education savings accounts.

1.

Short title

This Act may be cited as the 401Kids Family Savings Act of 2007.

2.

Extension of date for sunset of certain education savings incentives

In the case of the provisions of, and amendments made by, subtitle A of title IV of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to education savings incentives), section 901 of such Act (relating to sunset of provisions of Act) shall be applied by substituting December 31, 2015 for December 31, 2010 in subsection (a)(1) thereof.

3.

Distributions from education savings accounts for first home purchases treated as qualified distributions

(a)

In general

Subsections (b)(1), (d)(2)(A), (d)(2)(B), (d)(2)(C)(ii)(II), and (d)(2)(D) of section 530 of the Internal Revenue Code of 1986 are each amended by striking qualified education expenses and inserting qualified expenses.

(b)

Qualified expenses

Subsection (b) of section 530 of such Code is amended—

(1)

by redesignating paragraphs (2) through (4) as paragraphs (3) through (5), respectively, and by inserting after paragraph (1) the following new paragraph:

(2)

Qualified expenses

The term qualified expenses means—

(A)

qualified education expenses (as defined in paragraph (3)), and

(B)

qualified first-time homebuyer expenses (as defined in paragraph (4)).

, and

(2)

by redesignating paragraphs (4) and (5) (as redesignated by paragraph (1)) as paragraphs (5) and (6), respectively, and by inserting after paragraph (3) the following new paragraph:

(4)

Qualified first-time homebuyer expenses

The term qualified first-time homebuyer expenses means, in the case of a designated beneficiary who is a first-time homebuyer, the qualified acquisition costs with respect to a principal residence of such beneficiary. Terms used in this paragraph shall have the same meaning as when used in section 72(t)(8).

.

(c)

Conforming amendment

The heading for paragraph (2) of section 530(d) of such Code is amended by striking qualified education expenses and inserting qualified expenses.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

4.

Rollovers from education savings accounts to Roth IRAs

(a)

In general

Paragraph (5) of section 530(d) of the Internal Revenue Code of 1986, as amended by section 5, is amended by inserting or a Roth IRA after another 401Kids savings account.

(b)

Conforming amendment

Subsection (e) of section 408A of such Code is amended by inserting the following after the second sentence: Such term includes a rollover contribution to a Roth IRA from a 401Kids savings account described in section 530(d)(5)..

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

5.

Renaming Coverdell education savings accounts as 401Kids savings accounts

(a)

In general

Section 530 of the Internal Revenue Code of 1986 is amended by striking Coverdell education savings account each place it appears and inserting 401Kids savings account.

(b)

Conforming amendments

(1)

The following provisions of the Internal Revenue Code of 1986 are amended by striking Coverdell education savings each place it appears and inserting 401Kids savings:

(A)

Section 26(b)(2)(E).

(B)

Section 72(e)(9).

(C)

Section 135(c)(2)(C).

(D)

Section 529(c)(6).

(E)

Subsections (a) and (e) of section 4973(a).

(F)

Subsections (c) and (e) of section 4975.

(G)

Section 6693(a)(2)(E).

(2)

The headings for the following provisions of such Code are amended by striking Coverdell education savings and inserting 401Kids savings:

(A)

Section 72(e)(9).

(B)

Section 135(c)(2)(C).

(C)

Section 529(c)(3)(B)(vi).

(D)

Section 530(b)(1).

(E)

Section 4973(e).

(F)

Section 4975(c)(5).

(3)

The heading for section 4973(e) of such Code is amended by striking Coverdell education savings and inserting 401Kids Savings.

(4)

The heading for section 530 of such Code is amended to read as follows:

530.

401Kids savings accounts

.

(5)

The item in the table of contents for part VII of subchapter F of chapter 1 of such Code relating to section 530 is amended to read as follows:

.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.