S 744 114th Congress Senate Economics and Public Finance Appropriations Budget deficits and national debt Intergovernmental relations State and local finance

REFUND Act

Introduced: March 16, 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

Mar 16, 2015

Read twice and referred to the Committee on Appropriations.

Mar 16, 2015

Introduced in Senate

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Plain-English summary Congressional Research Service

Returned Exclusively For Unpaid National Debt Act or the REFUND Act

This bill rescinds federal funds identified by a state as unwanted and requires the funds to be used for debt reduction. The bill applies to federal funds required to be allocated by formula among all states that agree to use the funds for a specified purpose. To identify the funds as unwanted, a state legislature must pass a concurrent resolution, and the state must then notify the head of the federal agency responsible for allocating the funds. The Department of the Treasury must deposit the rescinded funds in the Gifts to the United States for Reduction of the Public Debt account, use the funds to reduce the debt, and submit an annual report to Congress identifying funds received.

What's happening now March 16, 2015

Read twice and referred to the Committee on Appropriations.

Related & companion bills 1

Bill text 1 version