such regulations or other guidance as the Secretary deter-
mines necessary or appropriate to carry out this section, 
including regulations or guidance— 
‘‘(1) to ensure that designated savings products 
are subject to appropriate reporting requirements, 
including the reporting of contributions and other 
deposits during the calendar year, end of calendar 
year account balances, and earnings from designated 
savings products specified in paragraphs (4), (5), 
(6), and (7) of subsection (c), 
‘‘(2) to carry out the maintenance of deposit 
provisions under subsection (d)(2), and 
‘‘(3) to prevent avoidance of the purposes of 
this subsection.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 1324(b)(2) of title 31, United 
States Code, is amended by inserting ‘‘36C,’’ after 
‘‘36B,’’. 
(2) The table of sections for subpart C of part 
IV of subchapter A of chapter 1 of the Internal Rev-
enue Code of 1986 is amended by inserting after the 
item relating to section 36C the following new item: 
‘‘Sec. 36C. Financial security credit.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2015. 
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SEC. 4. OPENING OF ACCOUNTS ON FEDERAL INCOME TAX 
RETURNS TO FACILITATE SAVINGS. 
(a) NOTIFICATION OF OPTION.— 
(1) IN GENERAL.—The Commissioner of Inter-
nal Revenue shall notify individuals who may qualify 
for a credit under section 36C of the Internal Rev-
enue Code of 1986 but fail to provide sufficient in-
formation to allow the Secretary to deposit or con-
tribute the credit amount to a designated savings 
product that they have the option of an electronic di-
rect deposit and that they may be eligible for the fi-
nancial security credit under section 36C of such 
Code if they deposit a refund or a portion of their 
refund in any designated savings product. 
(2) METHOD OF NOTIFICATION.—The notifica-
tion under paragraph (1) shall be made through— 
(A) a public awareness program under-
taken by the Secretary of the Treasury, in con-
cert with the Commissioner of Internal Revenue 
and others as necessary, beginning not later 
than 6 months after the date of the enactment 
of this Act; 
(B) tax return preparers and low-income 
taxpayer clinics; and 
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(C) the inclusion of such a notice in the in-
struction material for any Federal income tax 
return. 
(b) ESTABLISHMENT
OF
DESIGNATED
ACCOUNT 
PROGRAM.—The Secretary of the Treasury shall develop, 
in consultation with the Federal Management System, a 
program to minimize the delivery of non-electronic Federal 
income tax refunds by depositing refunds electronically to 
a safe, low-cost account held by a depository institution. 
This program shall include— 
(1) provisions for such tax refunds to be depos-
ited into a designated account; 
(2) establishment of account parameters with 
respect to minimum balance requirements, limita-
tions on overdrafts, overdraft fees, other fees, and 
additional requirements; 
(3) establishment of means for the taxpayer to 
access the account electronically and to have timely, 
direct access to the funds in the account; and 
(4) provisions to allow taxpayers to open an ac-
count with their Federal income tax refunds through 
financial service providers, so long such account is 
held at a depository institution insured under the 
Federal Deposit Insurance Act or a credit union in-
sured under the Federal Credit Union Act. 
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(c) EFFECTIVE DATE.—The notification under sub-
section (a) and the program under subsection (b) shall be 
effective with respect to Federal income tax returns for 
taxable years beginning after December 31, 2015. 
Æ 
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