(3) on behalf of any local entity consisting of a unit 
of State or local government, State-supported insti-
tution of higher education, or nonprofit organization, 
meeting the requirements of this section. 
(5) APPLICATIONS BY ENTITIES.— 
(A) ENTITY
APPLICATIONS.—If a State 
fails to support or establish a program pursu-
ant to this section during any fiscal year, the 
Secretary shall, in the subsequent fiscal years, 
allow local entities described in paragraph (4) 
from that State to make applications for grants 
under paragraph (3) on their own initiative. 
(B) APPLICATION
SCREENING.—In any 
case in which a local entity makes an applica-
tion for a grant pursuant to subparagraph (A), 
the relevant State may take no actions to 
screen such application. 
(6) LIMITATIONS.—A recipient of a grant made 
under this subsection shall not receive, during a fis-
cal year, in the aggregate, more than the following 
amounts: 
(A) For fiscal year 2023, $300,000. 
(B) For fiscal year 2024, $330,000. 
(C) For fiscal year 2025, $363,000. 
(D) For fiscal year 2026, $399,300. 
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(E) For fiscal year 2027, $439,200. 
(7) ANNUAL REPORT.—For each year, each re-
cipient of a grant under this subsection shall submit 
to the Secretary a report describing how grant funds 
allocated pursuant to this subsection were expended 
during the 12-month period preceding the date of 
the submission of the report. 
(e) EVALUATIONS.—The Secretary is authorized to 
reserve not more than 10 percent of the funds appro-
priated for a fiscal year to carry out this section for the 
purposes of conducting evaluations of the grant programs 
identified in subsection (d) and to provide related technical 
assistance. 
(f) REPORTING.—Not later than 36 months after the 
date of enactment of this Act, the Secretary shall prepare 
and submit to Congress a report— 
(1) on progress related to employee ownership 
and participation in businesses in the United States; 
and 
(2) containing an analysis of critical costs and 
benefits of activities carried out under this section. 
(g) AUTHORIZATIONS OF APPROPRIATIONS.— 
(1) IN GENERAL.—There are authorized to be 
appropriated for the purpose of making grants pur-
suant to subsection (d) the following: 
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(A) For fiscal year 2023, $4,000,000. 
(B) For fiscal year 2024, $7,000,000. 
(C) For fiscal year 2025, $10,000,000. 
(D) For fiscal year 2026, $13,000,000. 
(E) For fiscal year 2027, $16,000,000. 
(2) ADMINISTRATIVE
EXPENSES.—There are 
authorized to be appropriated for the purpose of 
funding the administrative expenses related to the 
Initiative, for each of fiscal years 2022 through 
2026, an amount not in excess of the lesser of— 
(A) $350,000; or 
(B) 5.0 percent of the maximum amount 
available under paragraph (1) for that fiscal 
year. 
SEC. 7. REFUND TO RAINY DAY SAVINGS PROGRAM. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—Not later than December 31, 
2024, the Secretary of the Treasury or the Sec-
retary’s delegate (referred to in this subsection as 
the ‘‘Secretary’’) shall establish and implement a 
program (referred to in this subsection as the ‘‘Re-
fund to Rainy Day Savings Program’’) to allow par-
ticipating taxpayers, pursuant to the requirements 
established under this section, to defer payment on 
20 percent of the amount which would otherwise be 
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refunded to such taxpayer as an overpayment (as 
described in section 6401 of the Internal Revenue 
Code of 1986). 
(2) PERIOD
OF
DEFERRAL.—Except as pro-
vided under paragraph (3)(E), a participating tax-
payer may elect to defer payment of the amount de-
scribed in paragraph (1) and have such amount de-
posited in the Rainy Day Fund (as described in 
paragraph (3)). 
(3) RAINY DAY FUND.— 
(A) IN GENERAL.—The Secretary shall es-
tablish in the Treasury a fund, in such manner 
as the Secretary determines to be appropriate, 
to be known as the ‘‘Rainy Day Fund’’, con-
sisting of any amounts described in paragraph 
(1) on which payment has been deferred by par-
ticipating taxpayers. 
(B) INVESTMENT.—Any amounts depos-
ited in the Rainy Day Fund shall be invested by 
the Secretary, in United States Treasury secu-
rities issued under chapter 31 of title 31, 
United States Code, that are suitable for the 
needs of the Rainy Day Fund. 
(C) DISBURSEMENTS FROM FUND.— 
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(i) IN GENERAL.—On the date that is 
180 days after the date of deposit in the 
Rainy Day Fund of an amount deferred by 
such taxpayer under paragraph (1), the 
amounts in the Rainy Day Fund shall be 
made available to the Secretary to dis-
tribute to such taxpayer in an amount 
equal to such amount plus any interest ac-
crued on such amount (as determined 
under subparagraph (D)). 
(ii) DISTRIBUTED
TO
TAXPAYERS.— 
The amounts described in clause (i) shall 
be distributed to the account identified by 
the participating taxpayer under paragraph 
(4)(B). 
(D) INTEREST ACCRUED.—The amount of 
interest accrued on the amount deferred by a 
participating taxpayer under subsection (a) 
shall be determined by the Secretary based 
upon the return on the investment of such 
amounts under subparagraph (B). 
(E) EARLY WITHDRAWAL.— 
(i) IN GENERAL.—As soon as possible 
after receipt by the Secretary of the indi-
vidual income tax return of the partici-
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pating taxpayer and October 15 of the ap-
plicable year, such taxpayer may elect to 
terminate the deferral of the amount de-
scribed under paragraph (1) and receive a 
distribution from the Rainy Day Fund 
equal to such amount and any interest 
which has accrued on such amount up to 
that date. 
(ii) COMPLETE WITHDRAWAL.—A par-
ticipating taxpayer making an election 
under clause (i) must terminate deferral of 
the full amount described under paragraph 
(1), and such amount shall be distributed 
to the bank account identified by the par-
ticipating 
taxpayer 
under 
paragraph 
(4)(B). 
(4) PARTICIPATING TAXPAYER.—For purposes 
of this section, the term ‘‘participating taxpayer’’ 
means a taxpayer who— 
(A) prior to the due date for filing the re-
turn of tax for such taxable year, elects to par-
ticipate in the Refund to Rainy Day Savings 
Program, in accordance with regulations to be 
issued by the Secretary; and 
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(B) provides the Secretary with an account 
and routing number or any other financial in-
formation deemed necessary by the Secretary 
for purposes of subparagraphs (C)(ii) and 
(E)(ii) of paragraph (3). 
(5) FORMS.—The Secretary shall ensure that 
the election to defer payment of the amount de-
scribed in paragraph (1) may be claimed on appro-
priate tax forms. 
(6) IMPLEMENTATION.— 
(A) EDUCATIONAL MATERIALS AND OUT-
REACH.—The Secretary shall— 
(i) design educational materials for 
taxpayers regarding financial savings and 
the Refund to Rainy Day Savings Pro-
gram, 
(ii) publicly disseminate and distribute 
such materials during the first calendar 
quarter of each calendar year and fol-
lowing disbursement of amounts described 
in paragraph (3)(C), and 
(iii) engage in outreach regarding the 
Refund to Rainy Day Savings Program to 
the Volunteer Income Tax Assistance pro-
gram and paid tax preparers. 
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(B) INFORMATION
FOR
PARTICIPATING 
TAXPAYERS.—The Secretary shall ensure that a 
participating taxpayer is able to electronically 
verify the status of the amount deferred by 
such taxpayer under paragraph (1), including 
any interest accrued on such amount and the 
status of any distribution. 
(C) FEDERALLY FUNDED BENEFITS.—Any 
amounts described in paragraph (1) that are 
distributed to a participating taxpayer, includ-
ing any interest accrued on such amount, shall 
be treated in the same manner as any refund 
made to such taxpayer under section 32 of the 
Internal Revenue Code of 1986 for purposes of 
determining the eligibility of such taxpayer for 
benefits or assistance, or the amount or extent 
of benefits or assistance, under any Federal 
program or under any State or local program 
financed in whole or in part with Federal funds. 
(b) ASSETS FOR INDEPENDENCE INNOVATION DEM-
ONSTRATION PROJECTS.— 
(1) REAUTHORIZATION.—The Assets for Inde-
pendence Act (42 U.S.C. 604 note) is amended— 
(A) in section 416, by inserting ‘‘, and, 
subject to section 417, $25,000,000 for each of 
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fiscal years 2024, 2025, 2026, 2027, and 2028, 
to remain available until expended.’’; and 
(B) by adding at the end the following new 
section: 
‘‘SEC. 417. RESERVATION OF FUNDS. 
‘‘(a) IN GENERAL.—Subject to subsections (b) and 
(c), from the funds appropriated for each of fiscal years 
2024, 2025, 2026, 2027, and 2028 under section 416, the 
Secretary shall reserve— 
‘‘(1) $3,000,000 for general research and eval-
uation; and 
‘‘(2) any amounts remaining after application 
of paragraph (1) to fund Assets for Independence 
innovation projects under section 418. 
‘‘(b) PILOT PROGRAM FUNDING.—From the amounts 
reserved under subsection (a) for each of fiscal years 
2024, 2025, and 2026, the Secretary shall make available 
for operating the pilot program established under section 
7(c) of the Protecting America’s Retirement Security Act 
of 2022— 
‘‘(1) 50 percent of the amount reserved for the 
relevant fiscal year under paragraph (1) of sub-
section (a) (after any adjustment under subsection 
(c)); and 
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‘‘(2) 25 percent of the amount reserved for the 
relevant fiscal year under paragraph (2) of sub-
section (a) (after any adjustment under subsection 
(c)). 
‘‘(c) PROPORTIONAL ADJUSTMENT.—In any of fiscal 
years 2024, 2025, 2026, 2027, and 2028, if the amount 
appropriated for such fiscal year is greater or less than 
the amount authorized for such fiscal year under section 
416, the amounts reserved under subsection (a) shall be 
increased or decreased for such fiscal year so that each 
such amount bears the same proportion to the amount ap-
propriated as each of the amounts reserved under such 
subsection bears to the amount authorized.’’. 
(2) ESTABLISHMENT
OF
INNOVATION
PRO-
GRAM.—The Assets for Independence Act (42 
U.S.C. 604 note), as amended by paragraph (1), is 
further amended by adding at the end the following 
new section: 
‘‘SEC. 
418. 
ASSETS 
FOR 
INDEPENDENCE 
INNOVATION 
PROJECTS. 
‘‘(a) IN GENERAL.—The Secretary is authorized to 
make grants to qualified entities to conduct Assets for 
Independence innovation projects under this section. 
‘‘(b) DEFINITIONS.—For purposes of this section: 
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‘‘(1) ASSETS FOR INDEPENDENCE INNOVATION 
PROJECT.—The term ‘Assets for Independence inno-
vation project’ means a demonstration project car-
ried out by a qualified entity under this section. 
‘‘(2) INNOVATION DEVELOPMENT ACCOUNT.— 
The term ‘innovation development account’ means 
an account that is established in a federally insured 
financial institution or a State insured financial in-
stitution and meets such other requirements as are 
established by the Secretary. 
‘‘(c) APPLICATION.— 
‘‘(1) CRITERIA AND PREFERENCES.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), in considering an application to con-
duct an Assets for Independence innovation 
project, the Secretary shall apply subsections 
(c) and (d) of section 405 to the application in 
the same manner that such subsections apply to 
an application to conduct a demonstration 
project under section 405. 
‘‘(B) MODIFICATION.—For purposes of 
this paragraph, paragraph (1) of section 405(c) 
shall be applied without regard to the phrase 
‘through activities requiring one or more quali-
fied expenses’. 
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‘‘(2) APPROVAL
OF
ASSETS
FOR
INDEPEND-
ENCE INNOVATION PROJECTS.—Not later than 12 
months after the date of the enactment of this sec-
tion, the Secretary shall, on a competitive basis, ap-
prove such applications to conduct Assets for Inde-
pendence innovation projects as the Secretary con-
siders to be appropriate, taking into account the 
considerations required by paragraph (1). The Sec-
retary shall ensure, to the maximum extent prac-
ticable, that the applications that are approved in-
volve a range of communities (spread out both geo-
graphically and in rural and urban areas) and di-
verse populations. 
‘‘(d) PROJECT DURATION AND GRANT AMOUNT.— 
‘‘(1) DURATION.—The Secretary shall award 
grants under this section for a period not to exceed 
5 project years. 
‘‘(2) GRANT AMOUNT.—For each project year 
of an Assets for Independence innovation project ap-
proved under this section, the Secretary may make 
a grant to the qualified entity authorized to conduct 
the project. In making such a grant, the Secretary 
shall make the grant on the first day of the project 
year in an amount not to exceed the lesser of— 
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‘‘(A) the aggregate amount of funds com-
mitted as matching contributions from non- 
Federal public or private sector sources; or 
‘‘(B) $1,000,000. 
‘‘(e) ELIGIBILITY AND SELECTION OF INDIVIDUALS 
TO PARTICIPATE IN AN ASSETS FOR INDEPENDENCE IN-
NOVATION PROJECT.— 
‘‘(1) ELIGIBILITY
CRITERIA.—Subject to the 
approval of the Secretary, each qualified entity con-
ducting an Assets for Independence innovation 
project shall establish eligibility requirements for 
participants in the project. Such requirements 
shall— 
‘‘(A) be more expansive than the require-
ments established under section 408; and 
‘‘(B) ensure that eligibility is limited to 
low-income individuals. 
‘‘(2) SELECTION OF INDIVIDUALS TO PARTICI-
PATE.—Each qualified entity conducting an Assets 
for Independence innovation project shall select, 
from among the individuals that meet the eligibility 
requirements established by the entity under para-
graph (1), the individuals— 
‘‘(A) that the qualified entity determines to 
be most appropriate to participate; and 
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‘‘(B) to whom the qualified entity will 
make disbursements or deposits in accordance 
with subsection (f). 
‘‘(f) DISBURSEMENTS BY QUALIFIED ENTITIES.— 
‘‘(1) IN GENERAL.—Each qualified entity con-
ducting an Assets for Independence innovation 
project shall, in a manner consistent with the pro-
gram requirements established by such entity, dis-
burse to a third-party or deposit into the innovation 
development account of each individual participating 
in the project from the funds described in subsection 
(d)(2), a matching contribution of not less than 
$0.50 and not more than $8 for every $1 deposited 
in the account by a project participant, except that 
the rate of matching shall be equal for all individuals 
participating in the project conducted by such quali-
fied entity. 
‘‘(2) LIMITATION ON DISBURSEMENTS FOR AN 
INDIVIDUAL.—Not more than $5,000 from a grant 
made under subsection (d)(1) shall be provided to 
any one individual over the course of the Assets for 
Independence innovation project. 
‘‘(3) LIMITATION ON DISBURSEMENTS FOR A 
HOUSEHOLD.—Not more than $10,000 from a grant 
made under subsection (d)(1) shall be provided to 
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any one household over the course of the Assets for 
Independence innovation project. 
‘‘(4) ADJUSTMENT FOR INFLATION.— 
‘‘(A) IN
GENERAL.—For each calendar 
year after 2023, the dollar amounts in para-
graphs (2) and (3) shall be increased by an 
amount equal to the product of— 
‘‘(i) such dollar amount, and 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) of the In-
ternal Revenue Code of 1986 for the cal-
endar year, determined by substituting 
‘2022’ for ‘2016’ in subparagraph (A)(ii) 
thereof. 
‘‘(B) ROUNDING.—If any increase deter-
mined under subparagraph (A) is not a multiple 
of $50, such increase shall be rounded up to the 
next lowest multiple of $50.’’. 
(3) CONFORMING
AMENDMENTS.—The Assets 
for Independence Act (42 U.S.C. 604 note), as 
amended by paragraphs (1) and (2), is further 
amended— 
(A) in section 404(2), by inserting ‘‘or sec-
tion 418’’ before the period; 
(B) in section 406— 
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(i) in subsection (a), by striking ‘‘to 
conduct a demonstration project under this 
title’’ and inserting ‘‘under section 405’’; 
and 
(ii) in subsection (b), by striking 
‘‘conducted under this title’’ and inserting 
‘‘approved under section 405’’; 
(C) in section 407— 
(i) in subsection (c)— 
(I) in paragraph (1)— 
(aa) in subparagraph (A), 
by inserting ‘‘or, in the case of a 
participant in a project con-
ducted under section 418, other 
permitted expenses’’ after ‘‘quali-
fied expenses’’; and 
(bb) in subparagraph (B), 
by inserting ‘‘or subsection (f) of 
section 418’’ after ‘‘section 410’’; 
and 
(II) in paragraph (3), by insert-
ing ‘‘or section 418(d)(1)’’; and 
(ii) in subsection (d)(2)(A), by insert-
ing ‘‘or section 418(d)(1)’’ after ‘‘section 
406(b)’’; 
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(D) in section 408, by striking ‘‘conducted 
under this title’’ each place it appears and in-
serting ‘‘approved under section 405’’; 
(E) in section 409, by striking ‘‘conducted 
under this title’’ and inserting ‘‘approved under 
section 405’’; 
(F) in section 410, by striking ‘‘under this 
title’’ and inserting ‘‘conducting a demonstra-
tion project approved under section 405’’; 
(G) in section 413(a), by inserting ‘‘or sec-
tion 418(c)’’ after ‘‘under section 405’’; and 
(H) in section 415, by inserting ‘‘or inno-
vation development account’’ after ‘‘individual 
development account’’. 
(c) MATCHED REFUND
TO RAINY DAY SAVINGS 
PILOT PROGRAM.— 
(1) IN
GENERAL.—Not later than 6 months 
after the date of the enactment of this Act and 
using the funds made available pursuant to section 
417(b) of the Assets for Independence Act, the Sec-
retary of Health and Human Services, acting 
through the Director of Community Services (in this 
section referred to as ‘‘the Secretary’’), shall estab-
lish under this subsection a matched savings account 
pilot program to encourage saving by eligible individ-
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uals. Under the pilot program, a qualified entity 
may apply to the Secretary for a grant to conduct 
a pilot project described in paragraph (2) (in this 
section referred to as a ‘‘pilot project’’). The pilot 
program shall operate for a period of 3 years. 
(2) PILOT PROJECT DESCRIBED.— 
(A) IN
GENERAL.—A pilot project is a 
project in which a qualified entity establishes a 
matched savings program that meets the re-
quirements of subparagraph (B) for eligible in-
dividuals who are selected by the entity to par-
ticipate in the program. 
(B) REQUIREMENTS.— 
(i) DEPOSITS INTO DIRECT DEPOSIT 
ACCOUNTS.— 
(I) IN
GENERAL.—A matched 
savings program established as part of 
a pilot project shall match amounts 
saved by each eligible individual par-
ticipating in the pilot project— 
(aa) 
with 
the 
amount 
matched to be equal to or less 
than the amount of any payment 
deferred by such individual under 
the Refund to Rainy Day Savings 
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Program 
established 
in 
sub-
section (a)(1); and 
(bb) with the rate of match-
ing to be equal for all eligible in-
dividuals participating in the pro-
gram. 
(II) TIMING.—Any amount de-
scribed in subclause (I) shall not be 
distributed to an eligible individual 
until the amounts described in sub-
paragraph (C)(ii) or (E)(ii) of sub-
section (a)(1) have been distributed to 
the bank account identified by such 
individual. 
(ii) EVALUATION
OF
PROGRAM
BY 
INDEPENDENT
RESEARCH
ORGANIZA-
TION.— 
(I) IN GENERAL.—From amounts 
made 
available 
under 
section 
417(b)(2) of the Assets for Independ-
ence Act, as added by subsection 
(b)(1)(B), the Secretary shall enter 
into a contract with an independent 
research organization for purposes of 
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evaluating pilot projects conducted 
under this section. 
(II) 
COORDINATION.—Each 
qualified entity that establishes a 
matched savings program as part of a 
pilot project shall collaborate with the 
independent research organization de-
scribed in subclause (I) to evaluate 
the outcomes and impact of the 
project. 
(III) IMPACT.—The evaluation 
described in subclause (I) shall in-
clude an examination of the demo-
graphic characteristics of the individ-
uals participating in the pilot project, 
such as gender, race, age, geographic 
location, and family makeup, and how 
the impacts of the project vary among 
different demographic groups and the 
effects of the pilot program on retire-
ment savings for eligible individuals. 
(IV) PROGRAM FEATURES.—The 
program features to be evaluated 
through the pilot projects conducted 
under this section may include— 
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(aa) 
different 
levels 
of 
matching contributions by quali-
fied entities; 
(bb) lock-out periods during 
which an eligible individual may 
not make withdrawals from their 
account; and 
(cc) educational materials 
intended to promote savings. 
(V) SAFEGUARDING
PRIVACY.— 
Any contract entered into under this 
clause shall require the selected inde-
pendent research organization to take 
all necessary and proper precautions 
to protect eligible individuals’ privacy 
and personally identifiable information 
when conducting the evaluation. 
(C) DURATION.—A pilot project shall be 
for a duration of not more than 3 years. 
(D) FEDERALLY FUNDED BENEFITS.—Any 
amounts described in subparagraph (B)(i) 
which are distributed to an eligible individual 
shall be treated in the same manner as any re-
fund made to such taxpayer under section 32 of 
the Internal Revenue Code of 1986 for purposes 
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of determining the eligibility of such taxpayer 
for benefits or assistance, or the amount or ex-
tent of benefits or assistance, under any Fed-
eral program or under any State or local pro-
gram financed in whole or in part with Federal 
funds. 
(3) STRATEGIC COMMUNICATIONS PLAN.—The 
Secretary shall devise a strategic communications 
plan to ensure a successful pilot program. 
(4) ANNUAL REPORT TO CONGRESS.—The Sec-
retary shall submit an annual report to Congress on 
the progress and outcomes of the pilot program es-
tablished under this section. 
(5) DEFINITIONS.—In this subsection: 
(A) ELIGIBLE INDIVIDUAL.—The term ‘‘el-
igible individual’’ means an individual who— 
(i) has deferred payment of the 
amount described in subsection (a)(1) 
under the Refund to Rainy Day Savings 
Program established in such subsection, 
and 
(ii) meets the eligibility requirements 
under section 408 of the Assets for Inde-
pendence Act, except that subsection (a)(2) 
of such section shall not apply. 
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(B) QUALIFIED ENTITY.— 
(i) IN GENERAL.—The term ‘‘qualified 
entity’’ means— 
(I) one or more not-for-profit or-
ganizations 
described 
in 
section 
501(c)(3) of the Internal Revenue 
Code of 1986 and exempt from tax-
ation under section 501(a) of such 
Code; 
(II) a State or local government 
agency, or a tribal government, sub-
mitting an application to conduct a 
pilot project jointly with an organiza-
tion described in subclause (I); 
(III) a site that offers free tax 
help 
to 
individuals 
who 
qualify 
through the Internal Revenue Serv-
ice’s Voluntary Income Tax Assist-
ance or Tax Counseling for the Elder-
ly programs; or 
(IV) an entity that— 
(aa) is— 
(AA) a credit union 
designated as a low-income 
credit union by the National 
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Credit Union Administra-
tion; or 
(BB) an organization 
designated as a community 
development financial insti-
tution by the Secretary of 
the Treasury (or the Com-
munity Development Finan-
cial Institutions Fund); and 
(bb) can demonstrate a col-
laborative relationship with a 
local community-based organiza-
tion whose activities are designed 
to address poverty in the commu-
nity and the needs of community 
members for economic independ-
ence and stability. 
(V) RULE OF CONSTRUCTION.— 
Nothing in this paragraph shall be 
construed as preventing an organiza-
tion described in clause (i)(I) from 
collaborating with a financial institu-
tion or for-profit community develop-
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ment corporation to carry out the pur-
poses of this section. 
Æ 
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