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HJ0051 |
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LRB095 11876 BDD 34977 r |
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| HOUSE JOINT RESOLUTION
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| WHEREAS, For the second year in a row, the national |
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| personal savings rate remains below zero; and
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| WHEREAS, A negative savings rate in the United States has |
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| not occurred since the Great Depression; and
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| WHEREAS, Nationally, one in five families have a negative |
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| net worth; about one-third of low-income households and more |
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| than one-tenth of moderate-income households report having no |
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| financial assets at all; and
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| WHEREAS, The United States Congress has reintroduced |
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| legislation in the 110th Congress creating the Savings for |
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| Working Families Act that would ensure that our nation's |
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| savings and ownership policies assist working-poor families by |
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| enabling them to save, build wealth, and enter the financial |
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| mainstream through the use of Individual Development Accounts; |
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| and
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| WHEREAS, Individual Development Accounts help low-income |
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| families build assets for buying a first home, receiving |
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| post-secondary education, or starting or expanding a small |
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| business; and
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HJ0051 |
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LRB095 11876 BDD 34977 r |
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| WHEREAS, The President of the United States included |
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| funding for 900,000 Individual Development Accounts in his 2007 |
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| budget request, and, meanwhile, the Congress, in a bi-partisan |
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| effort, gathered 68 co-sponsors (35 Democrats and 33 |
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| Republicans) on the bill; and
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| WHEREAS, The Savings for Working Families Act creates a tax |
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| credit for financial institutions that match the savings of the |
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| working poor through Individual Development Accounts; and
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| WHEREAS, Financial institutions offering Individual |
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| Development Accounts will be reimbursed through a federal tax |
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| credit for all matching funds, up to $500 per year for four |
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| years, and receive a tax credit of $50 per account per year for |
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| account management; and
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| WHEREAS, Those who save in an Individual Development |
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| Account must complete financial education from a nonprofit |
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| organization prior to the asset purchase; therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE |
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| NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE |
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| SENATE CONCURRING HEREIN, that the Illinois General Assembly |
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| urges the members of the Illinois delegation to the United |
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| States Congress to give full consideration to the passage of |
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| the Savings for Working Families Act as represented in House |