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    "ocrText": "http://thomas.loc.gov/cgi-bin/query/D?r106:1:./temp/~r106pmheS7:e224871\n[Page: S6733] GPO's PDF\nSubtitle A--Individual Development Accounts for Low-Income\nWorkers\nSEC. 1011. STRUCTURE AND ADMINISTRATION OF QUALIFIED INDIVIDUAL DEVELOPMENT ACCOUNT\nPROGRAMS.\n(a) Establishment of Qualified Individual Development Account Programs: Any qualified\nfinancial institution, qualified nonprofit organization, or Indian tribe may establish 1 or more qualified\nindividual development account programs which meet the requirements of this title.\n(b) Basic Program Structure:\n(1) In general: All qualified individual development account programs shall consist of the following 2\ncomponents:\n(A) An Individual Development Account to which an eligible individual may contribute money in\naccordance with section 1013.\n(B) A parallel account to which all matching funds shall be deposited in accordance with section 1014.\n(2) Tailored ida programs: A qualified financial institution, qualified nonprofit organization, or Indian\ntribe may tailor its qualified individual development account program to allow matching funds to be\nspent on 1 or more of the categories of qualified expenses.\n(c) Account Population Distribution Requirement: An individual development account program\nshall be treated as qualified under this title only if not less than one third of the Individual Development\nAccounts under such program are owned by eligible individuals each of whom is a member of a\nhousehold the gross income of which does not exceed 50 percent of the median family income for the\narea in which such individuals reside (as published by the Department of Housing and Urban Affairs).\n(d) Tax Treatment of Accounts: Any account descr in subparagraph (B) of subsection (b)(1) is\nexempt from taxation under the Internal Rever Code or 1986 unless such account has ceased to be\nsuch an account by reason of section 1015(c) or the termination of the qualified individual development\naccount program under section 1016(b).\nSEC. 1012. PROCEDURES FOR OPENING AN INDIVIDUAL DEVELOPMENT ACCOUNT AND QUALIFYING\nFOR MATCHING FUNDS.\n(a) Opening an Account: An eligible individual must open an Individual Development Account with a\nqualified financial institution, qualified nonprofit organization, or Indian tribe and contribute money in\naccordance with section 1013 to qualify for matching funds in a parallel account.\n(b) Required Completion of Financial Education Course:\n(1) In general: Before becoming eligible to withdraw matching funds to pay for qualified expenses,\nholders of Individual Development Accounts must complete a financial education course offered by a\nqualified financial institution, a qualified nonprofit organization, an Indian tribe, or a government entity.\n(2) Standard and applicability of course: The Secretary or an organization designated by the\nSecretary, in consultation with representatives of qualified individual development account programs\nand financial educators, shall establish minimum performance standards for financial education courses\noffered under paragraph (1) and a protocol to exempt eligible individuals from the requirement under\nparagraph (1) because of hardship or lack of need.\n5 of 7\n7/14/2000 11:12 AM"
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