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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 591 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                 S. 591

    To amend the Food Stamp Act of 1977 to adjust for inflation the 
allowable amounts of financial resources of eligible households and to 
   exclude from countable financial resources certain retirement and 
                          education accounts.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2007

Mr. Chambliss (for himself, Mr. Harkin, Mr. Roberts, Mrs. Lincoln, Mr. 
 Cochran, and Mr. Leahy) introduced the following bill; which was read 
  twice and referred to the Committee on Agriculture, Nutrition, and 
                                Forestry

_______________________________________________________________________

                                 A BILL

 
    To amend the Food Stamp Act of 1977 to adjust for inflation the 
allowable amounts of financial resources of eligible households and to 
   exclude from countable financial resources certain retirement and 
                          education accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Food Stamp Personal Savings and 
Investment Act of 2007''.

SEC. 2. ALLOWABLE FINANCIAL RESOURCES.

    Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) is 
amended--
            (1) by striking ``(g)(1) The Secretary'' and inserting the 
        following:
    ``(g) Allowable Financial Resources.--
            ``(1) Total amount.--
                    ``(A) In general.--The Secretary''.
            (2) in subparagraph (A) (as designated by paragraph (1)--
                    (A) by inserting ``(as adjusted in accordance with 
                subparagraph (B))'' after ``$2,000''; and
                    (B) by inserting ``(as adjusted in accordance with 
                subparagraph (B))'' after ``$3,000''; and
            (3) by adding at the end the following:
                    ``(B) Adjustment for inflation.--
                            ``(i) In general.--Beginning on October 1, 
                        2007, and each October 1 thereafter, the 
                        amounts in subparagraph (A) shall be adjusted 
                        to the nearest $100 increment to reflect 
                        changes for the 12-month period ending the 
                        preceding June in the Consumer Price Index for 
                        All Urban Consumers published by the Bureau of 
                        Labor Statistics of the Department of Labor.
                            ``(ii) Requirement.--Each adjustment under 
                        clause (i) shall be based on the unrounded 
                        amount for the prior 12-month period.''.

SEC. 3. EXCLUSION OF RETIREMENT ACCOUNTS FROM COUNTABLE FINANCIAL 
              RESOURCES.

    (a) In General.--Section 5(g)(2)(B)(v) of the Food Stamp Act of 
1977 (7 U.S.C. 2014(g)(2)(B)(v)) is amended by striking ``or retirement 
account (including an individual account)'' and inserting ``account''.
    (b) Mandatory and Discretionary Exclusions.--Section 5(g) of the 
Food Stamp Act of 1977 (7 U.S.C. 2014(g)) is amended by adding at the 
end the following:
            ``(7) Exclusion of retirement accounts from countable 
        financial resources.--
                    ``(A) Mandatory exclusions.--The Secretary shall 
                exclude from financial resources under this subsection 
                the value of any funds in a plan, contract, or account, 
                described in sections 401(a), 403(a), 403(b), 408, 
                408A, 457(b), and 501(c)(18) of the Internal Revenue 
                Code of 1986 and the value of funds in a Federal Thrift 
                Savings Plan account as provided in section 8439 of 
                title 5, United States Code.
                    ``(B) Discretionary exclusions.--The Secretary may 
                exclude from financial resources under this subsection 
                the value of any other retirement plans, contracts, or 
                accounts (as determined by the Secretary through 
                regulation).''.

SEC. 4. EXCLUSION OF EDUCATION ACCOUNTS FROM COUNTABLE FINANCIAL 
              RESOURCES.

    Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) (as 
amended by section 3) is amended by adding at the end the following:
            ``(8) Exclusion of education accounts from countable 
        financial resources.--
                    ``(A) Mandatory exclusions.--The Secretary shall 
                exclude from financial resources under this subsection 
                the value of any funds in a qualified tuition program 
                described in section 529 of the Internal Revenue Code 
                of 1986 or in a Coverdell education savings account 
                under section 530 of that Code.
                    ``(B) Discretionary exclusions.--The Secretary may 
                exclude from financial resources under this subsection 
                the value of any other education programs, contracts, 
                or accounts (as determined by the Secretary through 
                regulation).''.
                                 <all>
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