Stay Informed!

IDA Tax Credit (SWFA)

The Savings for Working Families Act (SWFA) ensures that our nation's savings and ownership policies assist working-poor families by enabling them to save, build wealth and enter the financial mainstream through the use of a financial product tailored to their needs: individual development accounts (IDAs).

IDA Tax Credit Overview

SWFA would make IDAs available to as many as 2.7 million low-income Americans. IDAs are matched savings accounts that help low-income families build appreciating assets and become financially self-reliant. The accounts are used for three purposes:

(1) buying a first home
(2) paying for post-secondary education
(3) starting or expanding a small business

Read a one-page description of the Savings for Working Families Act.

Read legislation from the 111th Congress: S. 985; H.R. 2277

Support for IDAs

SWFA has generated bi-partisan support in Congress with a record 127 cosponsors in the 110th Congress, including 50 Republicans. SWFA has passed the Senate twice and has also received considerable backing from financial institutions, corporations and nonprofit organizations around the country.

• Legislative Supporters: 111th Congress; 110th Congress; 109th Congress
• Private Sector Supporters of SWFA
• Practitioners Support SWFA

At a time when the nation's savings rate is near negative, SWFA legislation would bring more Americans into the financial mainstream and allow broader access to opportunities for wealth accumulation.

IDAs in the News

Read press clips about asset building and SWFA:

Saving: a simple solution to the fight against poverty
By Megan Cottrell
True/Slant Magazine
July 8, 2010

Helping the León Family buy a home
By Marisa Trevino
Latina Lista
July 7, 2010

Housing nonprofit makes inroads
By Pat Kimbrough
High Point Enterprise
July 5, 2010

Special savings accounts can help break cycle of poverty
By Kathy M. Kristof
Los Angeles Times
July 4, 2010

Savings pushed by IDAs
By Lucy Weber
Madison County Herald
June 22, 2010

Home Sweet Home
By Katie Bedard
Morning Star
June 21, 2010

Editorial: Innovative program helps keep American dream alive
The News Review
June 20, 2010

United Way program quadruples savings
WLFI News
June 2, 2010

You think income poverty is bad? Take a look at asset poverty in the U.S.
By Andrea Levere
Spotlight on Poverty and Opportunity
June 2, 2010

For Jobless With Dreams, IDAs Offer Small Boost
By Jonelle Marte
The Wall Street Journal
June 1, 2010

Financial Literacy, a Key to Success for Low-Income Students
By Adrianna Kezar
The Chronicle of Higher Education
May 9, 2010

United Way program targets 10 key years to help participants ages 16 to 26 achieve their dreams
By Debra Skodack
The Kansas City Star
April 26, 2010

Homeownership for Everyone?
By Jonnelle Marte
The Wall Street Journal
April 1, 2010

Open Forum: Invest in the next generation of farmers
By Rebecca King
The San Francisco Chronicle
March 23, 2010

Reports outline housing research study findings from University of North Carolina
Investment Business Weekly
March 21, 2010

Savers get a boost for college, housing and businesses
By Susan Kinzie
The Washington Post
January 14, 2010

Savings program nurtures a single mom's dream
By Edie Ross
The Hutchinson News
December 5, 2009

Bringing it HOME
By Eileen Mozinski Schmidt
The Telegraph Herald
November 24, 2009

Who Says Money Doesn't Grow On Trees? Save One Dollar, Get Another One (or Two) Free!
By Christina Cobb
Examiner.com
July 8, 2009

Matched-Savings Programs For Relatively Low-income Individuals: Individual Development Accounts
By Patricia Dorrell
Examiner.com
May 20, 2009

Bipartisan, Bicameral Savings Bill to Expand Economic Opportunity for Working Americans
CFED News Release
May 7, 2009

House GOP Backs Savings for Working Families Act in the "American Families Agenda"
CFED News Release
May 16, 2008

IDA Study Yields Positive Results
States News Service
March 6, 2008

Low Personal Savings Rate Demands Congress Incentivize Savings for All
By Senator Joseph I. Lieberman (ID-CT)
Connecticut Post
March 5, 2008

The Economic Elephant At the GOP Debate
By Michael Gerson
The Washington Post
October 12, 2007

Subsidized Accounts Get Another Look in D.C.
By Ben Jackson
American Banker
June 11, 2007

"CBS News spotlights IDAs and CFED"
CBS News
June 23, 2006

New Programs Spur Working Poor To Begin Saving
By Jackie Calmes
The Wall Street Journal
January 11, 2006

Saving Incentives For All Income Levels
By Jackie Calmes
The Wall Street Journal
January 22, 2006

Additional Resources

Timeline of federal IDA policy

Bipartisan, Bicameral Savings Bill to Expand Economic Opportunity for Working Americans
CFED News Release
May 7, 2009