Savings Accounts Are Valuable for Everyone Act of 2000

[AI summary unavailable — showing source text] Savings Accounts Are Valuable for Everyone Act of 2000 - Title I: Qualified Individual Development Accounts for Low-Income Workers - Allows any qualified financial institution or qualified nonprofit organization to establish one or more qualified individual development account (IDA) programs which meet the requirements of this Act. Requires each qualified IDA program to consist of: (1) an IDA to which an eligible individual contributes money; and (2) a tax-exempt parallel account for receiving matching funds. (Sec. 101) Limits qualified IDA programs to those in which at least one third of the IDAs under such program are owned by eligible individuals each of whom is a member of a household whose gross income does not exceed 50 percent of the area median income. (Sec. 102) Sets forth procedures for opening an IDA and qualifying for IDA matching funds. Requires completion of a financial education course before holders of IDAs are eligible to withdraw matching funds to pay for qualified expenses. (Sec. 103) Provides that except in the case of a qualified rollover, individual contributions to an IDA will not be accepted for the taxable year in excess of the lesser of the following: (1) …