II 

117TH CONGRESS 

1ST SESSION S. 2600 

To establish the Refund to Rainy Day Savings Program. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 4, 2021 

Mr. BOOKER (for himself and Mr. YOUNG) introduced the following bill; which 

was read twice and referred to the Committee on Health, Education, 

Labor, and Pensions 

A BILL 

To establish the Refund to Rainy Day Savings Program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Refund to Rainy Day 

5 Savings Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Approximately 15,000,000 households file 

9 tax returns each year with the Internal Revenue 

10 Service. 


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1 (2) For millions of Americans with low or mod2 erate levels of income, their tax refund is the single 

3 largest source of income for the entire year. 

4 (3) Financial insecurity extends far up the in5 come spectrum, as too few Americans have sufficient 

6 financial savings, and 1 in every 3 Americans has no 

7 financial savings at all. 

8 (4) Forty percent of American families do not 

9 have enough liquidity to pay for a $400 ‘‘rainy day’’ 

10 expense, and 40 percent of Americans are liquid 

11 asset poor, with emergency savings that are too 

12 small to cover basic needs in the event of a surprise 

13 expense or reduction in income. 

14 SEC. 3. REFUND TO RAINY DAY SAVINGS PROGRAM. 

15 (a) IN GENERAL.—Not later than December 31, 

16 2021, the Secretary of the Treasury or the Secretary’s del17 egate (referred to in this section as the ‘‘Secretary’’) shall 

18 establish and implement a program (referred to in this 

19 section as the ‘‘Refund to Rainy Day Savings Program’’) 

20 to allow participating taxpayers, pursuant to the require21 ments established under this section, to defer payment on 

22 20 percent of the amount which would otherwise be re23 funded to such taxpayer as an overpayment (as described 

24 in section 6401 of the Internal Revenue Code of 1986). 


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1 (b) PERIOD OF DEFERRAL.—Except as provided 

2 under subsection (c)(5), a participating taxpayer may elect 

3 to defer payment of the amount described in subsection 

4 (a) and have such amount deposited in the Rainy Day 

5 Fund (as described in subsection (c)). 

6 (c) RAINY DAY FUND.— 

7 (1) IN GENERAL.—The Secretary shall establish 

8 a fund, in such manner as the Secretary determines 

9 to be appropriate, to be known as the ‘‘Rainy Day 

10 Fund’’, consisting of any amounts described in sub11 section (a) on which payment has been deferred by 

12 participating taxpayers. 

13 (2) INVESTMENT.—Any amounts deposited in 

14 the Rainy Day Fund shall be invested by the Sec15 retary, in coordination with the Bureau of the Fiscal 

16 Service of the Department of the Treasury, in 

17 United States Treasury bills issued under chapter 

18 31 of title 31, United States Code, with maturities 

19 suitable for the needs of the Fund and selected so 

20 as to provide the highest return on investment for 

21 participating taxpayers. 

22 (3) DISBURSEMENTS FROM FUND.— 

23 (A) IN GENERAL.—On the date that is 180 

24 days after receipt of the individual income tax 

25 return of a participating taxpayer, the amounts 


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1 in the Rainy Day Fund shall be made available 

2 to the Secretary to distribute to such taxpayer 

3 in an amount equal to the amount deferred by 

4 such taxpayer under subsection (a) and any in5 terest accrued on such amount (as determined 

6 under paragraph (4)). 

7 (B) DISTRIBUTED TO BANK ACCOUNT.— 

8 The amounts described in subparagraph (A) 

9 shall be distributed to the bank account identi10 fied by the participating taxpayer under sub11 section (d)(3). 

12 (4) INTEREST ACCRUED.—The amount of inter13 est accrued on the amount deferred by a partici14 pating taxpayer under subsection (a) shall be deter15 mined by the Secretary, in coordination with the Bu16 reau of the Fiscal Service of the Department of the 

17 Treasury, based upon the return on the investment 

18 of such amounts under paragraph (2). 

19 (5) EARLY WITHDRAWAL.— 

20 (A) IN GENERAL.—On any date during the 

21 period between the date which is 30 days after 

22 receipt by the Secretary of the individual in23 come tax return of the participating taxpayer 

24 and October 15 of the applicable year, such tax25 payer may elect to terminate the deferral of the 


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1 amount described under subsection (a) and re2 ceive a distribution from the Rainy Day Fund 

3 equal to such amount and any interest which 

4 has accrued on such amount up to that date. 

5 (B) COMPLETE WITHDRAWAL.—A partici6 pating taxpayer making an election under sub7 paragraph (A) must terminate deferral of the 

8 full amount described under subsection (a), and 

9 such amount shall be distributed to the bank 

10 account identified by the participating taxpayer 

11 under subsection (d)(3). 

12 (d) PARTICIPATING TAXPAYER.—For purposes of 

13 this section, the term ‘‘participating taxpayer’’ means a 

14 taxpayer who— 

15 (1) has not requested or received an extension 

16 of the time for payment of taxes for such taxable 

17 year under section 6161 of the Internal Revenue 

18 Code of 1986, 

19 (2) prior to the due date for filing the return 

20 of tax for such taxable year, elects to participate in 

21 the Refund to Rainy Day Savings Program, and 

22 (3) provides the Secretary with a bank account 

23 number and any other financial information deemed 

24 necessary by the Secretary for purposes of para25 graphs (3)(B) and (5)(B) of subsection (c). 


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1 (e) FORMS.—The Secretary shall ensure that the 

2 election to defer payment of the amount described in sub3 section (a) may be claimed on Forms 1040, 1040A, and 

4 1040EZ. 

5 (f) IMPLEMENTATION.— 

6 (1) EDUCATIONAL MATERIALS AND OUT7 REACH.—The Secretary shall— 

8 (A) design educational materials for tax9 payers regarding financial savings and the Re10 fund to Rainy Day Savings Program, 

11 (B) publicly disseminate and distribute 

12 such materials during the first calendar quarter 

13 of each calendar year and following disburse14 ment of amounts described in subsection (c)(3), 

15 and 

16 (C) engage in outreach regarding the Re17 fund to Rainy Day Savings Program to the Vol18 unteer Income Tax Assistance program and 

19 paid tax preparers. 

20 (2) INFORMATION FOR PARTICIPATING TAX21 PAYERS.—The Secretary shall ensure that a partici22 pating taxpayer is able to electronically verify the 

23 status of the amount deferred by such taxpayer 

24 under subsection (a), including any interest accrued 

25 on such amount and the status of any distribution. 


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1 (3) FEDERALLY FUNDED BENEFITS.—Any 

2 amounts described in subsection (a) which are dis3 tributed to a participating taxpayer, including any 

4 interest accrued on such amount, shall be treated in 

5 the same manner as any refund made to such tax6 payer under section 32 of the Internal Revenue Code 

7 of 1986 for purposes of determining the eligibility of 

8 such taxpayer for benefits or assistance, or the 

9 amount or extent of benefits or assistance, under 

10 any Federal program or under any State or local 

11 program financed in whole or in part with Federal 

12 funds. 

13 SEC. 4. ASSETS FOR INDEPENDENCE INNOVATION DEM14 ONSTRATION PROJECTS. 

15 (a) REAUTHORIZATION.—The Assets for Independ16 ence Act (42 U.S.C. 604 note) is amended— 

17 (1) in section 416, by inserting ‘‘, and, subject 

18 to section 417, $25,000,000 for each of fiscal years 

19 2021, 2022, 2023, 2024, and 2025 to remain avail20 able until expended.’’; and 

21 (2) by adding at the end the following new sec22 tion: 

23 ‘‘SEC. 417. RESERVATION OF FUNDS. 

24 ‘‘(a) IN GENERAL.—Subject to subsections (b) and 

25 (c), from the funds appropriated for each of fiscal years 


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1 2021, 2022, 2023, 2024, and 2025 under section 416, the 

2 Secretary shall reserve— 

3 ‘‘(1) $3,000,000 for general research and eval4 uation; and 

5 ‘‘(2) any amounts remaining after application 

6 of paragraph (1) to fund AFI innovation demonstra7 tion projects under section 418. 

8 ‘‘(b) PILOT PROGRAM FUNDING.—From the amounts 

9 reserved under subsection (a) for each of fiscal years 

10 2021, 2022, and 2023, the Secretary shall make available 

11 for operating the pilot program established under section 

12 5 of the Refund to Rainy Day Savings Act— 

13 ‘‘(1) 50 percent of the amount reserved for the 

14 relevant fiscal year under paragraph (1) of sub15 section (a) (after any adjustment under subsection 

16 (c)); and 

17 ‘‘(2) 25 percent of the amount reserved for the 

18 relevant fiscal year under paragraph (2) of sub19 section (a) (after any adjustment under subsection 

20 (c)). 

21 ‘‘(c) PROPORTIONAL ADJUSTMENT.—In any of fiscal 

22 years 2021, 2022, 2023, 2024, and 2025, if the amount 

23 appropriated for such fiscal year is greater or less than 

24 the amount authorized for such fiscal year under section 

25 416, the amounts reserved under subsection (a) shall be 


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1 increased or decreased for such fiscal year so that each 

2 such amount bears the same proportion to the amount ap3 propriated as each of the amounts reserved under such 

4 subsection bears to the amount authorized.’’. 

5 (b) ESTABLISHMENT OF INNOVATION PROGRAM.— 

6 The Assets for Independence Act (42 U.S.C. 604 note), 

7 as amended by subsection (a), is further amended by add8 ing at the end the following new section: 

9 ‘‘SEC. 418. AFI INNOVATION PROJECTS. 

10 ‘‘(a) IN GENERAL.—The Secretary is authorized to 

11 make grants to qualified entities to conduct AFI innova12 tion projects under this section. 

13 ‘‘(b) DEFINITIONS.—For purposes of this section: 

14 ‘‘(1) AFI INNOVATION PROJECT.—The term 

15 ‘AFI innovation project’ means a demonstration 

16 project carried out by a qualified entity under this 

17 section. 

18 ‘‘(2) INNOVATION DEVELOPMENT ACCOUNT.— 

19 The term ‘innovation development account’ means 

20 an account that is established in a federally insured 

21 financial institution or a State insured financial in22 stitution and meets such other requirements as are 

23 established by the Secretary. 

24 ‘‘(c) APPLICATION.— 

25 ‘‘(1) CRITERIA AND PREFERENCES.— 


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1 ‘‘(A) IN GENERAL.—Subject to subpara2 graph (B), in considering an application to con3 duct an AFI innovation project, the Secretary 

4 shall apply subsections (c) and (d) of section 

5 405 to the application in the same manner that 

6 such subsections apply to an application to con7 duct a demonstration project under section 405. 

8 ‘‘(B) MODIFICATION.—For purposes of 

9 this paragraph, paragraph (1) of section 405(c) 

10 shall be applied without regard to the phrase 

11 ‘through activities requiring one or more quali12 fied expenses’. 

13 ‘‘(2) APPROVAL OF AFI INNOVATION

14 PROJECTS.—Not later than 12 months after the 

15 date of the enactment of this section, the Secretary 

16 shall, on a competitive basis, approve such applica17 tions to conduct AFI innovation projects as the Sec18 retary considers to be appropriate, taking into ac19 count the considerations required by paragraph (1). 

20 The Secretary shall ensure, to the maximum extent 

21 practicable, that the applications that are approved 

22 involve a range of communities (both rural and 

23 urban) and diverse populations. 

24 ‘‘(d) PROJECT DURATION AND GRANT AMOUNT.— 


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1 ‘‘(1) DURATION.—The Secretary shall award 

2 grants under this section for a period not to exceed 

3 5 project years. 

4 ‘‘(2) GRANT AMOUNT.—For each project year 

5 of an AFI innovation project approved under this 

6 section, the Secretary may make a grant to the 

7 qualified entity authorized to conduct the project. In 

8 making such a grant, the Secretary shall make the 

9 grant on the first day of the project year in an 

10 amount not to exceed the lesser of— 

11 ‘‘(A) the aggregate amount of funds com12 mitted as matching contributions from non13 Federal public or private sector sources; or 

14 ‘‘(B) $1,000,000. 

15 ‘‘(e) ELIGIBILITY AND SELECTION OF INDIVIDUALS

16 TO PARTICIPATE IN AN AFI INNOVATION PROJECT.— 

17 ‘‘(1) ELIGIBILITY CRITERIA.—Subject to the 

18 approval of the Secretary, each qualified entity con19 ducting an AFI innovation project shall establish eli20 gibility requirements for participants in the project. 

21 Such requirements shall— 

22 ‘‘(A) be more expansive than the require23 ments established under section 408; and 

24 ‘‘(B) ensure that eligibility is limited to 

25 low-income individuals. 


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1 ‘‘(2) SELECTION OF INDIVIDUALS TO PARTICI2 PATE.—Each qualified entity conducting an AFI in3 novation project shall select, from among the indi4 viduals that meet the eligibility requirements estab5 lished by the entity under paragraph (1), the indi6 viduals— 

7 ‘‘(A) that the qualified entity determines to 

8 be best suited to participate; and 

9 ‘‘(B) to whom the qualified entity will 

10 make disbursements or deposits in accordance 

11 with subsection (f). 

12 ‘‘(f) DISBURSEMENTS BY QUALIFIED ENTITIES.— 

13 ‘‘(1) IN GENERAL.—Each qualified entity con14 ducting an AFI innovation project shall, in a man15 ner consistent with the program requirements estab16 lished by such entity, disburse to a third-party or de17 posit into the innovation development account of 

18 each individual participating in the project from the 

19 funds described in subsection (d)(2), a matching 

20 contribution of not less than $0.50 and not more 

21 than $8 for every $1 deposited in the account by a 

22 project participant. 

23 ‘‘(2) LIMITATION ON DISBURSEMENTS FOR AN

24 INDIVIDUAL.—Not more than $5,000 from a grant 

25 made under subsection (d)(1) shall be provided to 


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1 any one individual over the course of the AFI inno2 vation project. 

3 ‘‘(3) LIMITATION ON DISBURSEMENTS FOR A

4 HOUSEHOLD.—Not more than $10,000 from a grant 

5 made under subsection (d)(1) shall be provided to 

6 any one household over the course of the AFI inno7 vation project. 

8 ‘‘(4) ADJUSTMENT FOR INFLATION.— 

9 ‘‘(A) IN GENERAL.—For each calendar 

10 year after 2021, the dollar amounts in para11 graphs (2) and (3) shall be increased by an 

12 amount equal to the product of— 

13 ‘‘(i) such dollar amount, and 

14 ‘‘(ii) the cost-of-living adjustment de15 termined under section 1(f)(3) of the In16 ternal Revenue Code of 1986 (as in effect 

17 on December 1, 2017) for the calendar 

18 year, determined by substituting ‘calendar 

19 year 2019’ for ‘calendar year 1992’ in sub20 paragraph (B) thereof. 

21 ‘‘(B) ROUNDING.—If any increase deter22 mined under subparagraph (A) is not a multiple 

23 of $50, such increase shall be rounded to the 

24 next lowest multiple of $50.’’. 


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1 (c) CONFORMING AMENDMENTS.—The Assets for 

2 Independence Act (42 U.S.C. 604 note), as amended by 

3 subsections (a) and (b), is further amended— 

4 (1) in section 404(2), by inserting ‘‘or section 

5 418’’ before the period; 

6 (2) in section 406— 

7 (A) in subsection (a), by striking ‘‘to con8 duct a demonstration project under this title’’ 

9 and inserting ‘‘under section 405’’; and 

10 (B) in subsection (b), by striking ‘‘con11 ducted under this title’’ and inserting ‘‘ap12 proved under section 405’’; 

13 (3) in section 407— 

14 (A) in subsection (c)— 

15 (i) in paragraph (1)— 

16 (I) in subparagraph (A), by in17 serting ‘‘or, in the case of a partici18 pant in a project conducted under sec19 tion 418, other permitted expenses’’ 

20 after ‘‘qualified expenses’’; and 

21 (II) in subparagraph (B), by in22 serting ‘‘or subsection (f) of section 

23 418’’ after ‘‘section 410’’; and 

24 (ii) in paragraph (3), by inserting ‘‘or 

25 section 418(d)(1)’’; and 


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1 (B) in subsection (d)(2)(A), by inserting 

2 ‘‘or section 418(d)(1)’’ after ‘‘section 406(b)’’; 

3 (4) in section 408, by striking ‘‘conducted 

4 under this title’’ each place it appears and inserting 

5 ‘‘approved under section 405’’; 

6 (5) in section 409, by striking ‘‘conducted 

7 under this title’’ and inserting ‘‘approved under sec8 tion 405’’; 

9 (6) in section 410, by striking ‘‘under this title’’ 

10 and inserting ‘‘conducting a demonstration project 

11 approved under section 405’’; 

12 (7) in section 413(a), by inserting ‘‘or section 

13 418(c)’’ after ‘‘under section 405’’; and 

14 (8) in section 415, by inserting ‘‘or innovation 

15 development account’’ after ‘‘individual development 

16 account’’. 

17 SEC. 5. MATCHED REFUND TO RAINY DAY SAVINGS PILOT 

18 PROGRAM. 

19 (a) IN GENERAL.—Not later than 6 months after the 

20 date of the enactment of this Act and using the funds 

21 made available pursuant to section 417(b) of the Assets 

22 for Independence Act, the Secretary of Health and Human 

23 Services, acting through the Director of Community Serv24 ices (in this section referred to as ‘‘the Secretary’’), shall 

25 establish under this section a matched savings account 


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1 pilot program to encourage saving by eligible individuals. 

2 Under the pilot program, a qualified entity may apply to 

3 the Secretary for a grant to conduct a pilot project de4 scribed in subsection (b) (in this section referred to as a 

5 ‘‘pilot project’’). The pilot program shall operate for a pe6 riod of 3 years. 

7 (b) PILOT PROJECT DESCRIBED.— 

8 (1) IN GENERAL.—A pilot project is a project 

9 in which a qualified entity establishes a matched 

10 savings program that meets the requirements of 

11 paragraph (2) for eligible individuals who are se12 lected by the entity to participate in the program. 

13 (2) REQUIREMENTS.— 

14 (A) DEPOSITS INTO DIRECT DEPOSIT AC15 COUNTS.— 

16 (i) IN GENERAL.—A matched savings 

17 program established as part of a pilot 

18 project shall match amounts saved by each 

19 eligible individual participating in the pilot 

20 project, with such match amount to be 

21 equal to or less than the amount of any 

22 payment deferred by such individual under 

23 the Refund to Rainy Day Savings Program 

24 established in section 3(a). 


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1 (ii) TIMING.—Any amount described 

2 in clause (i) shall not be distributed to an 

3 eligible individual until the amounts de4 scribed in paragraphs (3)(B) or (5)(B) of 

5 section 3(c) have been distributed to the 

6 bank account identified by such individual. 

7 (B) EVALUATION OF PROGRAM BY INDE8 PENDENT RESEARCH ORGANIZATION.— 

9 (i) IN GENERAL.—From amounts 

10 made available under section 417(b)(2) of 

11 the Assets for Independence Act, as added 

12 by section 4(a)(2) of this Act, the Sec13 retary shall enter into a contract with an 

14 independent research organization for pur15 poses of evaluating pilot projects conducted 

16 under this section. 

17 (ii) COORDINATION.—Each qualified 

18 entity that establishes a matched savings 

19 program as part of a pilot project shall col20 laborate with the independent research or21 ganization described in clause (i) to evalu22 ate the outcomes and impact of the 

23 project. 

24 (iii) IMPACT ON DIFFERENT

25 GROUPS.—The evaluation described in 


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1 clause (i) shall include an examination of 

2 the demographic characteristics of the indi3 viduals participating in the pilot project, 

4 such as gender, race, age, geographic loca5 tion, and family makeup, and how the im6 pacts of the project vary among different 

7 demographic groups. 

8 (iv) PROGRAM FEATURES.—The pro9 gram features to be evaluated through the 

10 pilot projects conducted under this section 

11 may include— 

12 (I) different levels of matching 

13 contributions by qualified entities; 

14 (II) lock-out periods during 

15 which an eligible individual may not 

16 make withdrawals from their account; 

17 and 

18 (III) educational materials in19 tended to promote savings. 

20 (3) DURATION.—A pilot project shall be for a 

21 duration of not more than 3 years. 

22 (4) FEDERALLY FUNDED BENEFITS.—Any 

23 amounts described in paragraph (2)(A) which are 

24 distributed to an eligible individual shall be treated 

25 in the same manner as any refund made to such taxVerDate Sep 11 2014 05:20 Aug 05, 2021 Jkt 019200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S2600.IS S2600

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1 payer under section 32 of the Internal Revenue Code 

2 of 1986 for purposes of determining the eligibility of 

3 such taxpayer for benefits or assistance, or the 

4 amount or extent of benefits or assistance, under 

5 any Federal program or under any State or local 

6 program financed in whole or in part with Federal 

7 funds. 

8 (c) STRATEGIC COMMUNICATIONS PLAN.—The Sec9 retary shall devise a strategic communications plan to en10 sure a strong pilot program. 

11 (d) ANNUAL REPORT TO CONGRESS.—The Secretary 

12 shall submit an annual report to Congress on the progress 

13 and outcomes of the pilot program established under this 

14 section. 

15 (e) DEFINITIONS.—In this section: 

16 (1) ELIGIBLE INDIVIDUAL.—The term ‘‘eligible 

17 individual’’ means an individual who— 

18 (A) has deferred payment of the amount 

19 described in section 3(a) under the Refund to 

20 Rainy Day Savings Program established in such 

21 section, and 

22 (B) meets the eligibility requirements 

23 under section 408 of the Assets for Independ24 ence Act, except that subsection (a)(2) of such 

25 section shall not apply. 


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1 (2) QUALIFIED ENTITY.— 

2 (A) IN GENERAL.—The term ‘‘qualified en3 tity’’ means— 

4 (i) one or more not-for-profit organi5 zations described in section 501(c)(3) of 

6 the Internal Revenue Code of 1986 and ex7 empt from taxation under section 501(a) 

8 of such Code; 

9 (ii) a State or local government agen10 cy, or a tribal government, submitting an 

11 application to conduct a pilot project joint12 ly with an organization described in clause 

13 (i); 

14 (iii) a site that offers free tax help to 

15 individuals who qualify through the Inter16 nal Revenue Service’s Voluntary Income 

17 Tax Assistance or Tax Counseling for the 

18 Elderly programs; or 

19 (iv) an entity that— 

20 (I) is— 

21 (aa) a credit union des22 ignated as a low-income credit 

23 union by the National Credit 

24 Union Administration; or 


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1 (bb) an organization des2 ignated as a community develop3 ment financial institution by the 

4 Secretary of the Treasury (or the 

5 Community Development Finan6 cial Institutions Fund); and 

7 (II) can demonstrate a collabo8 rative relationship with a local com9 munity-based organization whose ac10 tivities are designed to address pov11 erty in the community and the needs 

12 of community members for economic 

13 independence and stability. 

14 (v) RULE OF CONSTRUCTION.—Noth15 ing in this paragraph shall be construed as 

16 preventing an organization described in 

17 subparagraph (A)(i) from collaborating 

18 with a financial institution or for-profit 

19 community development corporation to 

20 carry out the purposes of this section. 

Æ 


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