New Savers Act
Latest action · Aug 2, 2007 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedAug 2, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.
Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to financial institutions to offset the costs of opening electronic transfer accounts; and (3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.
Requires the Secretary to: (1) establish performance measures to evaluate the extent to which Americans save and use the federal tax filing process to facilitate savings activities; (2) establish a program to support and promote the expansion of access to financial services and development of new financial products and services; (3) convene a federal advisory board to expand access to U.S. savings bonds; and (4) publish an annual report on the use of qualified tuition programs for paying tuition and other higher education costs.
Requires the Secretary of Health and Human Services to establish a performance measure for the percentage of state benefit recipients who receive benefits by direct deposit into insured bank accounts.
Establishes as a tax-exempt individual retirement account (IRA) a young savers account, to be treated in the same manner as a Roth IRA.
Amends the Internal Revenue Code to: (1) allow tax credits for contributions to qualified tuition programs and Coverdell education savings accounts and for employer contributions to employee payroll savings plans; and (2) impose certain reporting requirements for managers of qualified tuition programs.
Cosponsors 1
Members who signed on, in the order they did. All signed on Aug 2, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OR | Gordon H. Smith | Original | Aug 2, 2007 |
Actions 2
Everything that happened, newest first.
- Aug 2, 2007Introduced in Senate
- Aug 2, 2007Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Bank accounts
- College costs
- Economics and Public Finance
- Education
- Education savings accounts
- Electronic funds transfers
- Families
- Federal advisory bodies
- Finance and Financial Sector
- Financial services
- Government Operations and Politics
- Grants-in-aid
- Higher education
- Income tax
- Individual retirement accounts
- Labor and Employment
- Payroll deductions
- Performance measurement
- Poverty
- Saving and investment
- Savings bonds
- Science, Technology, Communications
- Social Welfare
- Tax credits
- Tax preparers
- Tax refunds
- Tax returns
- Taxation
Text 1
Each version as it was printed, newest first.
- Aug 2, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.