Social Security KidSave Accounts Act

To amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes.

1/5/2007--Introduced.
Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).
Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account:
(1) $2,000, on the date such individual's KidSave Account is established; plus
(2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.
Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.

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Sponsor

• Gerald Weller

Committees

• House Ways and Means
• 1 more
  • House Ways and Means
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Amendments

This bill has no amendments.

Amendments to H.R.242

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
January 05, 2007

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All Bill Actions

• Jan 18, 2007: Referred to the Subcommittee on Social Security.
• Jan 05, 2007: Introductory remarks on measure. (CR E26-27)
• Introduced on Jan 05, 2007.
• Jan 05, 2007: Sponsor introductory remarks on measure. (CR E26-27)
• Jan 05, 2007: Referred to the House Committee on Ways and Means.

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Related Issue Areas:

• Social security
• Annuities
• Bonds
• Budgets
• 25 more
• Children
• Civil service retirement
• Cost of living adjustments
• Families
• Finance
• Gift tax
• Government employees
• Government securities
• Government trust funds
• Grandparents
• Individual retirement accounts
• Inheritance tax
• Investments
• Law
• Mutual funds
• Old age, survivors and disability insurance
• Parents
• Pensions
• Social security finance
• Social security numbers
• Stocks
• Tax exemption
• Tax refunds
• Taxation
• Trusts and trustees

Data from the Congressional Research Service

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Blog Coverage

November 23, 2008 Wilson, Case produce 800 sets | battlecreekenquirer.com | The Enquirer

... as part of a 581 set in the M-66 Sunday Night Mixed on Nov. 16. • And, Brandi Lawrence shot an HR 242 game in the Nottke Variety on Nov. 19. Lawrence also earned a USBC award by going 95 over game average (147 per game average). ...

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September 05, 2008 Native Americans Against Obama- The Buffalo War

A bill was introduced in 2005 The Yellowstone Buffalo Preservation Act (HR 242 The health as well as well-being of the last surviving wild population of bison in the United States depends on what happens next. ...

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Source: Native American's Against Obama Weblog

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July 21, 2008 Native Americans Against Obama- The Buffalo War

A bill was introduced in 2005 The Yellowstone Buffalo Preservation Act (HR 242. The health and well-being of the last surviving wild population of bison in the United States depends on what happens next. Though no legislative action has ...

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Source: Native American's Against Obama Weblog

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