SEC. 4. STRUCTURE AND ADMINISTRATION OF QUALIFIED 
INDIVIDUAL DEVELOPMENT ACCOUNT PRO-
GRAMS. 
(a) ESTABLISHMENT OF QUALIFIED INDIVIDUAL DE-
VELOPMENT ACCOUNT PROGRAMS.—Any qualified finan-
cial institution may apply to the Secretary for approval 
to establish 1 or more qualified individual development ac-
count programs which meet the requirements of this Act. 
(b) BASIC PROGRAM STRUCTURE.— 
(1) IN GENERAL.—All qualified individual de-
velopment account programs shall consist of the fol-
lowing 2 components for each participant: 
(A) An Individual Development Account to 
which an eligible individual may contribute cash 
in accordance with section 5. 
(B) A parallel account to which all match-
ing funds shall be deposited in accordance with 
section 6. 
(2) TAILORED IDA PROGRAMS.—A qualified fi-
nancial institution may tailor its qualified individual 
development account program to allow matching 
funds to be spent on 1 or more of the categories of 
qualified expenses. 
(c) COORDINATION WITH PUBLIC HOUSING AGENCY 
INDIVIDUAL SAVINGS ACCOUNTS.—Section 3(e)(2) of the 
United States Housing Act of 1937 (42 U.S.C. 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
1437a(e)(2)) is amended by inserting ‘‘or in any Indi-
vidual Development Account established under the Sav-
ings for Working Families Act of 2007’’ after ‘‘sub-
section’’. 
(d) TAX TREATMENT OF PARALLEL ACCOUNTS.— 
(1) IN GENERAL.—Chapter 77 of the Internal 
Revenue Code of 1986 (relating to miscellaneous 
provisions) is amended by adding at the end the fol-
lowing new section: 
‘‘SEC. 7529. TAX INCENTIVES FOR INDIVIDUAL DEVELOP-
MENT PARALLEL ACCOUNTS. 
‘‘For purposes of this title— 
‘‘(1) 
any 
account 
described 
in 
section 
4(b)(1)(B) of the Savings for Working Families Act 
of 2007 shall be exempt from taxation, 
‘‘(2) except as provided in section 45O, no item 
of income, expense, basis, gain, or loss with respect 
to such an account may be taken into account, and 
‘‘(3) any amount withdrawn from such an ac-
count shall not be includible in gross income.’’. 
(2) CONFORMING AMENDMENT.—The table of 
sections for chapter 77 of such Code is amended by 
adding at the end the following new item: 
‘‘Sec. 7529. Tax incentives for Individual Development Parallel Accounts.’’. 
(e) COORDINATION OF CERTAIN EXPENSES.—Sec-
tion 25A(g)(2) of the Internal Revenue Code of 1986 is 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
amended by striking ‘‘and’’ at the end of subparagraph 
(B), by striking the period at the end of subparagraph 
(C) and inserting ‘‘, and’’, and by adding at the end the 
following new subparagraph: 
‘‘(D) a qualified expense distribution with 
respect to qualified higher education expenses 
from an Individual Development Account or a 
parallel account under section 7(a) of the Sav-
ings for Working Families Act of 2007.’’. 
SEC. 5. PROCEDURES FOR OPENING AND MAINTAINING AN 
INDIVIDUAL DEVELOPMENT ACCOUNT AND 
QUALIFYING FOR MATCHING FUNDS. 
(a) OPENING AN ACCOUNT.—An eligible individual 
may open an Individual Development Account with a 
qualified financial institution upon certification that such 
individual has never maintained any other Individual De-
velopment Account (other than an Individual Development 
Account to be terminated by a qualified rollover). 
(b) REQUIRED COMPLETION OF FINANCIAL EDU-
CATION COURSE.— 
(1) IN GENERAL.—Before becoming eligible to 
withdraw funds to pay for qualified expenses, owners 
of Individual Development Accounts must complete 
1 or more financial education courses specified in 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
the qualified individual development account pro-
gram. 
(2) 
STANDARD
AND
APPLICABILITY
OF 
COURSE.—The Secretary, in consultation with rep-
resentatives of qualified individual development ac-
count programs and financial educators, shall not 
later than the date on which the Secretary approves 
the first qualified Individual Development Account 
program, establish minimum quality standards for 
the contents of financial education courses and pro-
viders of such courses described in paragraph (1) 
and a protocol to exempt individuals from the re-
quirement under paragraph (1) in the case of hard-
ship, lack of need, the attainment of age 65, or a 
qualified final distribution. 
(c) PROOF
OF STATUS
AS
AN ELIGIBLE INDI-
VIDUAL.—Federal income tax forms for the immediately 
preceding taxable year and any other evidence of eligibility 
which may be required by a qualified financial institution 
shall be presented to such institution at the time of the 
establishment of the Individual Development Account and 
in any taxable year in which contributions are made to 
the Account to qualify for matching funds under section 
6(b)(1)(A). 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
(d) SPECIAL RULE IN THE CASE OF MARRIED INDI-
VIDUALS.—For purposes of this Act, if, with respect to 
any taxable year, 2 married individuals file a Federal joint 
income tax return, then not more than 1 of such individ-
uals may be treated as an eligible individual with respect 
to the succeeding taxable year. 
SEC. 6. DEPOSITS BY QUALIFIED INDIVIDUAL DEVELOP-
MENT ACCOUNT PROGRAMS. 
(a) PARALLEL ACCOUNTS.—The qualified financial 
institution shall deposit all matching funds for each Indi-
vidual Development Account into a parallel account at a 
qualified financial institution. 
(b) REGULAR DEPOSITS OF MATCHING FUNDS.— 
(1) IN GENERAL.—Subject to paragraph (2), 
the qualified financial institution shall deposit into 
the parallel account with respect to each eligible in-
dividual the following amounts: 
(A) A dollar-for-dollar match for the first 
$500 contributed by the eligible individual into 
an Individual Development Account with re-
spect to any taxable year of such individual. 
(B) Any matching funds provided by State, 
local, or private sources in accordance with the 
matching ratio set by those sources. 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
(2) TIMING OF DEPOSITS.—A deposit of the 
amounts described in paragraph (1) shall be made 
into a parallel account— 
(A) in the case of amounts described in 
paragraph (1)(A), not later than 30 days after 
the end of the calendar quarter during which 
the contribution described in such paragraph 
was made, and 
(B) in the case of amounts described in 
paragraph (1)(B), not later than 2 business 
days after such amounts were provided. 
(3) CROSS REFERENCE.—For allowance of tax 
credit for Individual Development Account subsidies, 
including matching funds, see section 45O of the In-
ternal Revenue Code of 1986. 
(c) DEPOSIT
OF MATCHING FUNDS INTO INDI-
VIDUAL DEVELOPMENT ACCOUNT OF INDIVIDUAL WHO 
HAS ATTAINED AGE 65.—In the case of an Individual De-
velopment Account owner who attains the age of 65, the 
qualified financial institution shall deposit the funds in the 
parallel account with respect to such individual into the 
Individual Development Account of such individual on the 
later of— 
(1) the day which is the 1-year anniversary of 
the deposit of such funds in the parallel account, or 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
(2) the first business day of the taxable year of 
such individual following the taxable year in which 
such individual attained age 65. 
(d) UNIFORM ACCOUNTING REGULATIONS.—To en-
sure proper recordkeeping and determination of the tax 
credit under section 45O of the Internal Revenue Code 
of 1986, the Secretary shall prescribe regulations with re-
spect to accounting for matching funds in the parallel ac-
counts. 
(e) REGULAR
REPORTING
OF
ACCOUNTS.—Any 
qualified financial institution shall report the balances in 
any Individual Development Account and parallel account 
of an individual on not less than an annual basis to such 
individual. 
SEC. 7. WITHDRAWAL PROCEDURES. 
(a) WITHDRAWALS FOR QUALIFIED EXPENSES.— 
(1) IN GENERAL.—An Individual Development 
Account owner may withdraw funds in order to pay 
qualified expense distributions from such individ-
ual’s— 
(A) Individual Development Account, but 
only from funds which have been on deposit in 
such Account for at least 1 year, and 
(B) parallel account, but only— 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
(i) from matching funds which have 
been on deposit in such parallel account 
for at least 1 year, 
(ii) from earnings in such parallel ac-
count, after all matching funds described 
in clause (i) have been withdrawn, and 
(iii) to the extent such withdrawal 
does not result in a remaining balance in 
such parallel account which is less than the 
remaining balance in the Individual Devel-
opment Account after such withdrawal. 
(2) PROCEDURE.—Upon receipt of a with-
drawal request which meets the requirements of 
paragraph (1), the qualified financial institution 
shall directly transfer the funds electronically to the 
distributees described in section 3(6)(A)(ii). If a dis-
tributee is not equipped to receive funds electroni-
cally, the qualified financial institution may issue 
such funds by paper check to the distributee. 
(b) 
WITHDRAWALS
FOR
NONQUALIFIED
EX-
PENSES.—An Individual Development Account owner may 
withdraw any amount of funds from the Individual Devel-
opment Account for purposes other than to pay qualified 
expense distributions, but if, after such withdrawal, the 
amount in the parallel account of such owner (excluding 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
earnings on matching funds) exceeds the amount remain-
ing in such Individual Development Account, then such 
owner shall forfeit from the parallel account the lesser of 
such excess or the amount withdrawn. 
(c) WITHDRAWALS
FROM
ACCOUNTS
OF
NON-
ELIGIBLE INDIVIDUALS.—If the individual for whose ben-
efit an Individual Development Account is established 
ceases to be an eligible individual, such account shall re-
main an Individual Development Account, but such indi-
vidual shall not be eligible for any further matching funds 
under section 6(b)(1)(A) for contributions which are made 
to the Account during any taxable year when such indi-
vidual is not an eligible individual. 
(d) EFFECT
OF PLEDGING ACCOUNT
AS SECU-
RITY.—If, during any taxable year of the individual for 
whose benefit an Individual Development Account is es-
tablished, that individual uses the Account, the individ-
ual’s parallel account, or any portion thereof as security 
for a loan, the portion so used shall be treated as a with-
drawal of such portion from the Individual Development 
Account for purposes other than to pay qualified expenses. 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
SEC. 8. CERTIFICATION AND TERMINATION OF QUALIFIED 
INDIVIDUAL DEVELOPMENT ACCOUNT PRO-
GRAMS. 
(a) CERTIFICATION
PROCEDURES.—Upon estab-
lishing a qualified individual development account pro-
gram under section 4, a qualified financial institution shall 
certify to the Secretary at such time and in such manner 
as may be prescribed by the Secretary and accompanied 
by any documentation required by the Secretary, that— 
(1) the accounts described in subparagraphs 
(A) and (B) of section 4(b)(1) are operating pursu-
ant to all the provisions of this Act, and 
(2) the qualified financial institution agrees to 
implement an information system necessary to mon-
itor the cost and outcomes of the qualified individual 
development account program. 
(b) AUTHORITY TO TERMINATE QUALIFIED IDA 
PROGRAM.—If the Secretary determines that a qualified 
financial institution under this Act is not operating a 
qualified individual development account program in ac-
cordance with the requirements of this Act (and has not 
implemented any corrective recommendations directed by 
the Secretary), the Secretary shall terminate such institu-
tion’s authority to conduct the program. If the Secretary 
is unable to identify a qualified financial institution to as-
sume the authority to conduct such program, then any 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
funds in a parallel account established for the benefit of 
any individual under such program shall be deposited into 
the Individual Development Account of such individual as 
of the first day of such termination. 
SEC. 9. REPORTING, MONITORING, AND EVALUATION. 
(a) RESPONSIBILITIES OF QUALIFIED FINANCIAL IN-
STITUTIONS.—Each qualified financial institution that op-
erates a qualified individual development account program 
under section 4 shall report annually to the Secretary 
within 90 days after the end of each calendar year on— 
(1) the number of individuals making contribu-
tions into Individual Development Accounts and the 
amounts contributed, 
(2) the amounts contributed into Individual De-
velopment Accounts by eligible individuals and the 
amounts deposited into parallel accounts for match-
ing funds, 
(3) the amounts withdrawn from Individual De-
velopment Accounts and parallel accounts, and the 
purposes for which such amounts were withdrawn, 
(4) the balances remaining in Individual Devel-
opment Accounts and parallel accounts, and 
(5) such other information needed to help the 
Secretary monitor the effectiveness of the qualified 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
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 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
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 fiscal year 2008 
and for each fiscal year through 2015, for the purposes 
of implementing this Act, including the reporting, moni-
toring, 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 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
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 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
‘‘(b) APPLICABLE TAX.—For the purposes of this 
section, the term ‘applicable tax’ means the excess (if any) 
of— 
‘‘(1) the tax imposed under this chapter (other 
than the taxes imposed under the provisions de-
scribed in subparagraphs (C) through (Q) of section 
26(b)(2)), over 
‘‘(2) the credits allowable under subpart B 
(other than this section) and subpart D of this part. 
‘‘(c) 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 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
‘‘(B) with a balance of not less than $100 
(other than the taxable year in which such Ac-
count is opened). 
‘‘(d) ELIGIBLE ENTITY.—For purposes of this sec-
tion, except as provided in regulations, the term ‘eligible 
entity’ means a qualified financial institution. 
‘‘(e) 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. 
‘‘(f) 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 (c)(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 (c)(2) 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
for each taxable year such Individual Development 
Account is maintained. 
‘‘(g) 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. 
‘‘(2) CONSENT REQUIRED FOR REVOCATION.— 
Any transfer under paragraph (1) may be revoked 
only with the consent of the Secretary. 
‘‘(h) 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 (g)(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 (i)) in cases where there is a forfeiture under 
section 7(b) of the Savings for Working Families 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
Act of 2007 in a subsequent taxable year of any 
amount which was taken into account in determining 
the amount of such credit. 
‘‘(i) 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, 2014, with respect to any Individual 
Development Account which— 
‘‘(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 (c) 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 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
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 ‘‘and’’ at the end of para-
graph (30), by striking the period at the end of paragraph 
(31) and inserting ‘‘, and’’, 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. 
VerDate Aug 31 2005 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS
(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 
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 
04:30 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6301
E:\BILLS\H1514.IH
H1514
jcorcoran on PROD1PC62 with BILLS