Skip to main content
HR 4986 117th Congress House Taxation

Refund to Rainy Day Savings Act

Introduced: August 6, 2021 Introduced by: Watson Coleman, Bonnie Democratic · New Jersey See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 6, 2021
Referred to the House Committee on Ways and Means.
Aug 6, 2021
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

Refund to Rainy Day Savings Act

This bill directs the Internal Revenue Service (IRS) to establish and implement the Refund to Rainy Day Savings program (i.e., a program to provide for unexpected expenses) to allow taxpayers to deposit 20% of their income tax refunds into the savings program. The bill sets forth rules for investments in and disbursement from the savings program.

The bill also reauthorizes the Assets for Independence Act for FY2022-FY2026. The IRS may make grants to qualified entities to conduct AFI innovation projects.

The bill directs the Department of Health and Human Services to establish a three-year matched savings account pilot program to encourage savings by participants in the savings program.

What's happening now August 6, 2021

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 2600 Related bill Refund to Rainy Day Savings Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 6
All 6 Democratic 4 Republican 2
D
Norton, Eleanor Holmes
District of Columbia · Jan 12, 2022
 D
Mfume, Kweisi
Maryland · Sep 28, 2021
 R
Schweikert, David
Arizona · Sep 23, 2021
 D
McBath, Lucy
Georgia · Sep 10, 2021
 R
Hill, J. French
Arkansas · Aug 6, 2021
 D
Thompson, Bennie G.
Mississippi · Aug 6, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4986: Refund to Rainy Day Savings Act. 117th Congress. Open America. https://openamerica.io/bill/117-HR-4986/
MLA
"H.R. 4986: Refund to Rainy Day Savings Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-4986/.
Bluebook (legal)
H.R. 4986, 117th Cong. (2026), https://openamerica.io/bill/117-HR-4986/.
Markdown link
[H.R. 4986: Refund to Rainy Day Savings Act](https://openamerica.io/bill/117-HR-4986/)
Report a problem