SAVINGS Act

Bill: 114-hr-1652
Sponsor: full_name: Rep. Cartwright, Matt [D-PA-17]
Introduced: 2015-03-26
Policy area: Taxation
Subjects: Financial services and investments

Income tax exclusion

Interest, dividends, interest rates

Securities

State and local taxation

Tax administration and collection, taxpayers
Latest action: action_date: 2015-03-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-03-26
action_desc: Introduced in House
text: <p><strong>Save Access to a Valuable Investment Needed to Generate Savings Act of 2015 or the SAVINGS Act </strong></p> <p>Directs the Department of the Treasury to: (1) allow individual taxpayers an option to purchase U.S. savings bonds in paper form with a portion or all of a tax refund during the period ending on December 31, 2020; or (2) implement an alternative option that allows for the gifting of U.S. savings bonds, serves the unbanked, and retains the ability to sign-up on the return of tax. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1652 IN THE HOUSE OF REPRESENTATIVES March 26, 2015 Mr. Cartwright (for himself, Ms. Brownley of California , Mr. Cummings , Mr. Ellison , Ms. Jackson Lee , Mr. Kilmer , Ms. Lee , Mr. Lipinski , Mr. Neal , Ms. Tsongas , Mr. Jones , Mr. Nolan , Mr. Engel , Mr. Fattah , Mr. Huffman , Mr. Tonko , and Ms. Kaptur ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title 31, United States Code, to require the Secretary of the Treasury to provide for the purchase of paper United States savings bonds with tax refunds.

1. Short title This Act may be cited as the Save Access to a Valuable Investment Needed to Generate Savings Act of 2015 or the SAVINGS Act . 2. Purchase paper United States savings bonds with tax refund Section 3106 of title 31, United States Code, is amended by adding at the end the following: (d) (1) During the period ending on December 31, 2020, the Secretary shall provide an option on individual returns of tax under subtitle A of the Internal Revenue Code of 1986 to purchase United States savings bonds in paper form with a portion or all of a refund of overpayment of such tax for the purchaser or anyone. (2) Paragraph (1) shall not apply if the Secretary implements an alternative option which— (A) allows for the gifting of United States savings bonds, (B) serves the unbanked, and (C) retains the ability to sign-up on the return of tax. .