S. 1967 · 110th Congress
New Savers Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ClintonSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.
What it does: CRS summary · Introduced in Senate · Aug 2, 2007
New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.
Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to financial institutions to offset the costs of opening electronic transfer accounts; and (3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.
Requires the Secretary to: (1) establish performance measures to evaluate the extent to which Americans save and use the federal tax filing process to facilitate savings activities; (2) establish a program to support and promote the expansion of access to financial services and development of new financial products and services; (3) convene a federal advisory board to expand access to U.S. savings bonds; and (4) publish an annual report on the use of qualified tuition programs for paying tuition and other higher education costs.
Requires the Secretary of Health and Human Services to establish a performance measure for the percentage of state benefit recipients who receive benefits by direct deposit into insured bank accounts.
Establishes as a tax-exempt individual retirement account (IRA) a young savers account, to be treated in the same manner as a Roth IRA.
Amends the Internal Revenue Code to: (1) allow tax credits for contributions to qualified tuition programs and Coverdell education savings accounts and for employer contributions to employee payroll savings plans; and (2) impose certain reporting requirements for managers of qualified tuition programs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: New Savers Act
Latest action (Aug 2, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 2, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.