HR 4236 114th Congress House Taxation Employee benefits and pensions Government information and archives Income tax credits Income tax exclusion Securities Student aid and college costs Tax administration and collection, taxpayers

Financial Security Credit Act of 2015

Introduced: December 10, 2015 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 10, 2015

Referred to the House Committee on Ways and Means.

Dec 10, 2015

Introduced in House

Plain-English summary Congressional Research Service

Financial Security Credit Act of 2015

This bill amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50% of the total amount deposited or contributed into designated savings products in a taxable year (financial security credit). A "designated savings product" is a qualified retirement plan, a qualified tuition plan, a Coverdell education savings account, a U.S. savings bond, a certificate of deposit with a duration of at least eight months, a savings account, or other savings product considered appropriate by the Department of the Treasury.

The Internal Revenue Service must notify individual taxpayers who may qualify for a financial security credit that they have the option of an electronic direct deposit if they deposit any portion of their tax refund into a designated savings product.

What's happening now December 10, 2015

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1