H.R. 4895 · 117th Congress
SUPPORT Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
OmarSponsor6 cosponsors · 6 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Sending Unconditional Payments to People Overcoming Resistances to Triumph Act of 2021 or the SUPPORT Act of 2021
What it does: CRS summary · Introduced in House · Jul 30, 2021
Sending Unconditional Payments to People Overcoming Resistances to Triumph Act of 2021 or the SUPPORT Act of 2021
This bill establishes a guaranteed income pilot program and tax credit and provides for bank accounts supported by Federal Reserve banks.
The bill establishes the Office of Guaranteed Income Programs to carry out a five-year guaranteed income pilot program. The pilot program must provide grants through local governments and community development financial institutions for periodic cash payments to eligible individuals. An eligible program must provide cash payments that are not less than $50 per individual and are made on a biweekly, monthly, or quarterly basis.
Additionally, the bill establishes the Guaranteed Income Tax Credit, a refundable income tax credit for individual taxpayers equal to $14,400 plus $600 for each dependent. The amount is reduced for individuals whose adjusted gross income exceeds specified levels. A taxpayer may elect to receive this credit in advance in equal amounts throughout the year.
The bill also requires Federal Reserve member banks to provide bank accounts (FedAccounts) to residents and to businesses domiciled in the United States for purposes of holding digital dollar balances. These accounts must provide specified banking services, including debit cards, online banking, automatic bill pay, and automatic teller machines at U.S. postal facilities. These accounts may not charge fees or have balance requirements and must provide a specified interest rate.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SUPPORT Act of 2021
Also known as: Sending Unconditional Payments to People Overcoming Resistances to Triumph Act
Latest action (Jul 30, 2021): Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 30, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.