Full Text of HJR0051 095th General Assembly
HJ0051 95TH GENERAL ASSEMBLY
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| HOUSE JOINT RESOLUTION
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| WHEREAS, For the second year in a row, the national | 3 |
| personal savings rate remains below zero; and
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| WHEREAS, A negative savings rate in the United States has | 5 |
| not occurred since the Great Depression; and
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| WHEREAS, Nationally, one in five families have a negative | 7 |
| net worth; about one-third of low-income households and more | 8 |
| than one-tenth of moderate-income households report having no | 9 |
| financial assets at all; and
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| WHEREAS, The United States Congress has reintroduced | 11 |
| legislation in the 110th Congress creating the Savings for | 12 |
| Working Families Act that would ensure that our nation's | 13 |
| savings and ownership policies assist working-poor families by | 14 |
| enabling them to save, build wealth, and enter the financial | 15 |
| mainstream through the use of Individual Development Accounts; | 16 |
| and
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| WHEREAS, Individual Development Accounts help low-income | 18 |
| families build assets for buying a first home, receiving | 19 |
| post-secondary education, or starting or expanding a small | 20 |
| business; and
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| WHEREAS, The President of the United States included | 2 |
| funding for 900,000 Individual Development Accounts in his 2007 | 3 |
| budget request, and, meanwhile, the Congress, in a bi-partisan | 4 |
| effort, gathered 68 co-sponsors (35 Democrats and 33 | 5 |
| Republicans) on the bill; and
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| WHEREAS, The Savings for Working Families Act creates a tax | 7 |
| credit for financial institutions that match the savings of the | 8 |
| working poor through Individual Development Accounts; and
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| WHEREAS, Financial institutions offering Individual | 10 |
| Development Accounts will be reimbursed through a federal tax | 11 |
| credit for all matching funds, up to $500 per year for four | 12 |
| years, and receive a tax credit of $50 per account per year for | 13 |
| account management; and
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| WHEREAS, Those who save in an Individual Development | 15 |
| Account must complete financial education from a nonprofit | 16 |
| organization prior to the asset purchase; therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 18 |
| NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE | 19 |
| SENATE CONCURRING HEREIN, that the Illinois General Assembly | 20 |
| urges the members of the Illinois delegation to the United | 21 |
| States Congress to give full consideration to the passage of | 22 |
| the Savings for Working Families Act as represented in House |
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| Resolution 1514; and be it further
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| RESOLVED, That a suitable copy of this resolution be sent | 3 |
| to each member of the Illinois congressional delegation.
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