SAVINGS Act

Bill: 114-s-2478
Sponsor: full_name: Sen. Murray, Patty [D-WA]
Introduced: 2016-02-02
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: 2016-02-02
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-02-02
action_desc: Introduced in Senate
text: <p><strong>Save Access to a Valuable Investment Needed to Generate Savings Act of 2016 or the SAVINGS Act</strong> </p> <p>This bill directs the Department of the Treasury to allow: (1) an individual taxpayer to use a portion or all of a tax refund to purchase U.S. savings bonds in paper form for the taxpayer or for any individual designated by the taxpayer; or (2) an option for a tax return that allows for the gifting of such bonds and that serves individuals who rarely, if ever, have held a bank account and individuals who lack access to the Internet. </p>

tv_txt: II 114th CONGRESS 2d Session S. 2478 IN THE SENATE OF THE UNITED STATES February 2, 2016 Mrs. Murray (for herself, Ms. Collins , Mr. Moran , Mrs. McCaskill , and Mr. King ) introduced the following bill; which was read twice and referred to the Committee on Finance 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 2016 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) The Secretary shall— (1) provide an option on the individual return of tax under subtitle A of the Internal Revenue Code of 1986 to use a portion or all of a refund of overpayment of such tax to purchase United States savings bonds in paper form for the taxpayer or any individual designated by the taxpayer; or (2) provide an option on such return of tax that— (A) allows for the gifting of United States savings bonds to any individual designated by the taxpayer; and (B) serves the unbanked (within the meaning of section 49 of the Federal Deposit Insurance Act ( 12 U.S.C. 1831z )) and individuals who lack access to the Internet. .