S. 2600 · 117th Congress
Refund to Rainy Day Savings Act
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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
BookerSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Internal Revenue Service (IRS) to establish and implement the Refund to Rainy Day Savings program (i.e., a program to provide for unexpected expenses) to allow taxpayers to deposit 20% of their income tax refunds into the savings program. The bill sets forth rules for investments in and disbursement from the savings program.
What it does: CRS summary · Introduced in Senate · Aug 4, 2021
Refund to Rainy Day Savings Act
This bill directs the Internal Revenue Service (IRS) to establish and implement the Refund to Rainy Day Savings program (i.e., a program to provide for unexpected expenses) to allow taxpayers to deposit 20% of their income tax refunds into the savings program. The bill sets forth rules for investments in and disbursement from the savings program.
The bill also reauthorizes the Assets for Independence Act for FY2021-FY2025. The IRS may make grants to qualified entities to conduct AFI innovation projects.
The bill directs the Department of Health and Human Services to establish a three-year matched savings account pilot program to encourage savings by participants in the savings 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 (Aug 4, 2021): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Taxation · Origin: Senate · Introduced: Aug 4, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.