Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Saver's Bonus Act of 2007''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) According to the Department of Commerce, Americans are
currently saving less than 1 percent of their disposable
income.
(2) According to the Federal Reserve's 2004 Survey of
Consumer Finances, 17 percent of all households have zero or
negative net worth, while 30 percent have net worth of less
than $10,000.
(3) According to the Federal Reserve's 2004 Survey of
Consumer Finances, 11 percent of households do not have a
checking account and 9 percent do not have a transaction
account of any kind.
(4) According to the Retirement Security Project, in 2004
more than half of all households had zero savings in an
employer-based 401(k)-type plan or tax-preferred savings plan
account.
(5) It is in the economic interests of the United States to
promote savings among all members of society, regardless of
income.

SEC. 3. SAVER'S BONUS.

(a) In General.--The Secretary of the Treasury shall develop a
program to match deposits made by qualifying low-income individuals
into designated savings products.
(b) Qualifying Low-Income Individuals.--For purposes of this Act,
the term ''qualifying low-income individual'' means any individual
determined by the Secretary of the Treasury to be eligible for the
saver's bonus under this Act.
(c) Designated Savings Products.--For purposes of this Act, the
term ''designated savings product'' means any savings product,
including--
(1) qualified retirement plans (as defined in section
4974(c)) of such Code,
(2) qualified tuition programs under section 529 of such
Code,
(3) Coverdell education savings accounts under section 530
of such Code,
(4) United States savings bonds,
(5) certificates of deposits with durations of at least 6
months, and
(6) other types of savings products considered appropriate
by the Secretary of the Treasury for the purposes of this Act.
(d) Saver's Bonus Program.--The program established under
subsection (a) shall provide that--
(1) qualifying low-income individuals who direct their
Federal income tax refund (in its entirety or a portion
thereof) be deposited into any designated savings product shall
be eligible for a dollar-for-dollar match or saver's bonus to
be deposited directly in any designated savings product,
(2) qualifying low-income individuals who claim (when
filing a Federal income tax return) to have deposited funds
into any designated savings product during the course of the
tax year shall be eligible for a saver's bonus to be deposited
directly into any designated savings product, and
(3) the saver's bonus--
(A) shall equal $500 for qualifying low-income
individuals who are eligible for the earned income
credit under section 32 of such Code and shall be
phased out (but not below zero) for such individuals
whose earned income exceeds 120 percent of the earned
income threshold at which such eligibility ceases,
(B) shall be indexed for inflation every 5 years,
and
(C) shall be considered a refundable credit for
purposes of the Internal Revenue Code of 1986.
(e) Conforming Amendment Regarding Funding of Saver's Bonus.--
Section 1324(b)(2) of title 31, United States Code, is amended by
inserting ''or enacted by the Saver's Bonus Act of 2007,''.
(f) Effective Date.--The program under, and amendment made by, this
section shall be effective with respect to Federal income tax returns
for taxable years beginning after December 31, 2008.

SEC. 4. OPENING OF ACCOUNTS ON FEDERAL INCOME TAX RETURNS TO FACILITATE
SAVINGS.

(a) Notification of Option.--
(1) In general.--The Commissioner of Internal Revenue shall
notify qualifying low-income individuals who qualify for a
Federal income tax refund but fail to provide an ACH direct
deposit number on their Federal income tax return that they
have the option of an electronic direct deposit and that they
may be eligible for the saver's bonus program under section 3
if they deposit a refund or a portion of their refund in any
designated savings product.
(2) Method of notification.--The notification under
paragraph (1) shall be made through--
(A) a public awareness program undertaken by the
Secretary of the Treasury, in concert with the
Commissioner of the Internal Revenue and others as
necessary, at least 6 months before January 2009, and
(B) the inclusion of such a notice in the
instruction 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 an account
held by a depository institution. This program shall include--
(1) provisions for such tax refunds to be deposited into a
designated account,
(2) establishment of account parameters with respect to
minimum balance requirements and limitations on overdrafts,
overdraft fees, and other requirements,
(3) establishment of means for the taxpayer to access the
account electronically or through a payment card, and
(4) provisions to allow taxpayers to open an account with
their Federal income tax refunds through financial service
providers, so long such account is held at a depository
institution that is insured under the Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.).
(c) Effective Date.--The notification under subsection (a) and the
program under subsection (b) shall be effective with respect to Federal
income tax returns for taxable years beginning after December 31, 2008.

SEC. 5. PURCHASE OF SAVINGS BONDS ON FEDERAL INCOME TAX RETURNS.

(a) Notification of Option.--The Commissioner of Internal Revenue
shall notify individual taxpayers that they have the option of
purchasing United States savings bonds when they file their Federal
income tax returns and that they may be eligible for the saver's bonus
program under section 3. Such notification shall be included in the
instruction material for any Federal income tax return.
(b) Establishment of Savings Bond Purchase Program.--The Secretary
of the Treasury shall develop, in consultation with a task force, a
program for the purchase by individual taxpayers of United States
savings bonds on their Federal income tax returns.
(c) Effective Date.--The notification under subsection (a) and the
program under subsection (b) shall be effective with respect to Federal
income tax returns for taxable years beginning after December 31, 2008.
A:
Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns.

Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.