S 2478 114th Congress Senate

SAVINGS Act

Official title: 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.

Introduced: April 28, 2016 Introduced by: Murray, Patty Democratic · Washington See on congress.gov

Taxation Financial services and investmentsIncome tax exclusionInterest, dividends, interest ratesSecurities

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State and local taxationTax administration and collection, taxpayers

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 2, 2016

Read twice and referred to the Committee on Finance.

Feb 2, 2016

Introduced in Senate

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Latest action February 2, 2016

Read twice and referred to the Committee on Finance.

Plain-English summary Congressional Research Service

Save Access to a Valuable Investment Needed to Generate Savings Act of 2016 or the SAVINGS Act

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.

Related & companion bills 1

Bill text 1 version