S. 1018 · 116th Congress
Refund to Rainy Day Savings 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 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BookerSponsor3 cosponsors · 1 D, 2 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Department of the Treasury to establish and implement a Refund to Rainy Day Savings Program to permit a taxpayer to defer payment on 20% of a tax refund to be deposited into a Treasury account, accumulate interest, and disbursed to the taxpayer in six months.
What it does: CRS summary · Introduced in Senate · Apr 3, 2019
Refund to Rainy Day Savings Act
This bill requires the Department of the Treasury to establish and implement a Refund to Rainy Day Savings Program to permit a taxpayer to defer payment on 20% of a tax refund to be deposited into a Treasury account, accumulate interest, and disbursed to the taxpayer in six months.
The bill also reauthorizes the Assets for Independence (AFI) federal matched savings program through FY2024 and requires appropriations for the program to be reserved for
- general research and evaluation,
- grants for AFI innovation projects to expand the availability of matched savings accounts to low-income individuals, and
- a three-year matched savings account pilot program established by the Department of Health and Human Services (HHS) to encourage savings by low-income taxpayers.
Under the pilot program, HHS may provide grants to qualified entities to match funds saved by low-income taxpayers under the Refund to Rainy Day Savings Program.
Qualified entities for the pilot program include
- nonprofit organizations,
- state or local government agencies or tribal governments applying with a nonprofit organization,
- sites that offer free tax assistance under certain Internal Revenue Service programs, and
- certain low-income credit unions and community development financial institutions.
HHS must (1) contract with an independent research organization to evaluate the pilot program, and (2) report annually to Congress on the progress and outcomes of the pilot program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Refund to Rainy Day Savings Act
Latest action (Apr 3, 2019): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Taxation · Origin: Senate · Introduced: Apr 3, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.