individual development account program (provided in 
a non-individually-identifiable manner). 
(b) RESPONSIBILITIES OF THE SECRETARY.— 
(1) MONITORING
PROTOCOL.—Not later than 
12 months after the date of the enactment of this 
Act, the Secretary, in consultation with the Sec-
retary of Health and Human Services, shall develop 
and implement a protocol and process to monitor the 
cost and outcomes of the qualified individual devel-
opment account programs established under section 
4. 
(2) ANNUAL
REPORTS.—For each year after 
2008, the Secretary shall submit a progress report 
to Congress on the status of such qualified indi-
vidual development account programs. Such report 
shall, to the extent data are available, include from 
a representative sample of qualified individual devel-
opment account programs information on— 
(A) the characteristics of participants, in-
cluding age, gender, race or ethnicity, marital 
status, number of children, employment status, 
and monthly income, 
(B) deposits, withdrawals, balances, uses 
of Individual Development Accounts, and par-
ticipant characteristics, 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
(C) the characteristics of qualified indi-
vidual development account programs, including 
match rate, economic education requirements, 
permissible uses of accounts, staffing of pro-
grams in full time employees, and the total 
costs of programs, and 
(D) process information on program imple-
mentation and administration, especially on 
problems encountered and how problems were 
solved. 
(3) USE OF ACCOUNTS IN RURAL AREAS EN-
COURAGED.—The Secretary shall develop methods to 
encourage the use of Individual Development Ac-
counts in rural areas. 
SEC. 10. AUTHORIZATION OF APPROPRIATIONS. 
(a) IN GENERAL.—There is authorized to be appro-
priated to the Secretary $1,000,000 for each of fiscal 
years 2008 through 2015, for the purposes of imple-
menting this Act, including the reporting, monitoring, and 
evaluation required under section 9, to remain available 
until expended. 
(b) GRANTS.—There is authorized to be appropriated 
to the Secretary $20,000,000— 
(1) to make grants to qualified nonprofit orga-
nizations and Indian tribes to help defray the ad-
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
ministrative costs associated with the operation of 
individual development account programs, including 
the required financial education courses, and 
(2) to provide technical assistance to qualified 
nonprofit organizations and Indian tribes in meeting 
such program requirements. 
SEC. 11. MATCHING FUNDS FOR INDIVIDUAL DEVELOP-
MENT ACCOUNTS PROVIDED THROUGH A TAX 
CREDIT FOR QUALIFIED FINANCIAL INSTITU-
TIONS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to business related credits) is amended by 
adding at the end the following new section: 
‘‘SEC. 45O. INDIVIDUAL DEVELOPMENT ACCOUNT INVEST-
MENT CREDIT. 
‘‘(a) DETERMINATION OF AMOUNT.—For purposes of 
section 38, the individual development account investment 
credit determined under this section with respect to any 
eligible entity for any taxable year is an amount equal to 
the individual development account investment provided 
by such eligible entity during the taxable year under an 
individual development account program established under 
section 4 of the Savings for Working Families Act of 
2007. 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
‘‘(b) INDIVIDUAL DEVELOPMENT ACCOUNT INVEST-
MENT.—For purposes of this section, the term ‘individual 
development account investment’ means, with respect to 
an individual development account program in any taxable 
year, an amount equal to the sum of— 
‘‘(1) the aggregate amount of dollar-for-dollar 
matches 
under 
such 
program 
under 
section 
6(b)(1)(A) of the Savings for Working Families Act 
of 2007 for such taxable year, plus 
‘‘(2) $50 with respect to each Individual Devel-
opment Account maintained— 
‘‘(A) as of the end of such taxable year, 
but only if such taxable year is within the 7- 
taxable-year period beginning with the taxable 
year in which such Account is opened, and 
‘‘(B) with a balance of not less than $100 
(other than the taxable year in which such Ac-
count is opened). 
‘‘(c) ELIGIBLE ENTITY.—For purposes of this sec-
tion, except as provided in regulations, the term ‘eligible 
entity’ means a qualified financial institution. 
‘‘(d) OTHER DEFINITIONS.—For purposes of this 
section, any term used in this section and also in the Sav-
ings for Working Families Act of 2007 shall have the 
meaning given such term by such Act. 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
‘‘(e) DENIAL OF DOUBLE BENEFIT.— 
‘‘(1) IN
GENERAL.—No deduction or credit 
(other than under this section) shall be allowed 
under this chapter with respect to any expense 
which— 
‘‘(A) is taken into account under sub-
section (b)(1) in determining the credit under 
this section, or 
‘‘(B) is attributable to the maintenance of 
an Individual Development Account. 
‘‘(2) DETERMINATION OF AMOUNT.—Solely for 
purposes of paragraph (1)(B), the amount attrib-
utable to the maintenance of an Individual Develop-
ment Account shall be deemed to be the dollar 
amount of the credit allowed under subsection (b)(2) 
with respect to the Individual Development Account 
for the taxable year. 
‘‘(f) CREDIT MAY BE TRANSFERRED.— 
‘‘(1) IN
GENERAL.—An eligible entity may 
transfer any credit allowable to the eligible entity 
under subsection (a) to any person other than to an-
other eligible entity which is exempt from tax under 
this title. The determination as to whether a credit 
is allowable shall be made without regard to the tax- 
exempt status of the eligible entity. 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
‘‘(2) CONSENT REQUIRED FOR REVOCATION.— 
Any transfer under paragraph (1) may be revoked 
only with the consent of the Secretary. 
‘‘(g) REGULATIONS.—The Secretary may prescribe 
such regulations as may be necessary or appropriate to 
carry out this section, including— 
‘‘(1) such regulations as necessary to insure 
that any credit described in subsection (f)(1) is 
claimed once and not retransferred by a transferee, 
and 
‘‘(2) regulations providing for a recapture of 
the credit allowed under this section (notwith-
standing any termination date described in sub-
section (h)) in cases where there is a forfeiture 
under section 7(b) of the Savings for Working Fami-
lies Act of 2007 in a subsequent taxable year of any 
amount which was taken into account in determining 
the amount of such credit. 
‘‘(h) APPLICATION OF SECTION.— 
‘‘(1) IN GENERAL.—This section shall apply to 
any expenditure made in any taxable year ending 
after December 31, 2007, and beginning on or be-
fore January 1, 2015, with respect to any Individual 
Development Account which— 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
‘‘(A) is opened before January 1, 2013, 
and 
‘‘(B) as determined by the Secretary, when 
added to all of the previously opened Individual 
Development 
Accounts, 
does 
not 
exceed 
900,000 Accounts. 
Notwithstanding the preceding sentence, this section 
shall apply to amounts which are described in sub-
section (b)(1) and which are timely deposited into a 
parallel account during the 30-day period following 
the end of the last taxable year beginning on or be-
fore January 1, 2015. 
‘‘(2) DETERMINATION
OF
LIMITATION.—The 
limitation on the number of Individual Development 
Accounts under paragraph (1)(B) shall be allocated 
by the Secretary among eligible individuals as such 
individuals open such Accounts under qualified indi-
vidual development account programs, except that, 
in the case of 300,000 Accounts, such limitation 
shall be equally allocated among the States.’’. 
(b) CREDIT TREATED AS BUSINESS CREDIT.—Sec-
tion 38(b) of such Code (relating to current year business 
credit) is amended by striking ‘‘plus’’ at the end of para-
graph (30), by striking the period at the end of paragraph 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
(31) and inserting ‘‘, plus’’, and by adding at the end the 
following new paragraph: 
‘‘(32) the individual development account in-
vestment credit determined under section 45O(a).’’. 
(c) CONFORMING AMENDMENT.—The table of sec-
tions for subpart C of part IV of subchapter A of chapter 
1 of such Code is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 45O. Individual development account investment credit.’’. 
(d) REPORT REGARDING ACCOUNT MAINTENANCE 
FEES.—The Secretary of the Treasury shall study the 
adequacy of the amount specified in section 45O(c)(2) of 
the Internal Revenue Code of 1986 (as added by this sec-
tion). Not later than December 31, 2011, the Secretary 
of the Treasury shall report the findings of the study de-
scribed in the preceding sentence to Congress. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after De-
cember 31, 2007. 
SEC. 12. ACCOUNT FUNDS DISREGARDED FOR PURPOSES 
OF CERTAIN MEANS-TESTED FEDERAL PRO-
GRAMS. 
Notwithstanding any other provision of Federal law 
(other than the Internal Revenue Code of 1986) that re-
quires consideration of 1 or more financial circumstances 
of an individual, for the purpose of determining eligibility 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS
to receive, or the amount of, any assistance or benefit au-
thorized by such provision to be provided to or for the 
benefit of such individual, any amount (including earnings 
thereon) in any Individual Development Account of such 
individual and any matching deposit made on behalf of 
such individual (including earnings thereon) in any par-
allel account shall be disregarded for such purpose with 
respect to any period during which such individual main-
tains or makes contributions into such Individual Develop-
ment Account. 
Æ 
VerDate Aug 31 2005 
01:56 Feb 10, 2007
Jkt 059200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6301
E:\BILLS\H892.IH
H892
jcorcoran on PROD1PC62 with BILLS