Refund to Rainy Day Savings Act
Latest action · Jul 17, 2018 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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.
- IntroducedJul 17, 2018
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Refund to Rainy Day Savings Act
This bill requires the Department of the Treasury to establish and implement a Refund to Rainy Day Savings Program to permit a taxpayer to defer payment on 20% of a tax refund to be deposited into a Treasury account, accumulate interest, and disbursed to the taxpayer in six months.
The bill also amends the Assets for Independence Act to reauthorize the Assets for Independence (AFI) federal matched savings program through FY2023 and require appropriations for the program to be reserved for:
- general research and evaluation,
- grants for AFI innovation projects to expand the availability of matched savings accounts to low-income individuals, and
- a three-year pilot program to evaluate savings matches for low-income taxpayers.
The Department of Health and Human Services (HHS) must establish a three-year matched savings account pilot program to encourage savings by low-income taxpayers. Under the program, HHS may provide grants to qualified entities to match funds saved by low-income taxpayers under the Refund to Rainy Day Savings Program.
Qualified entities for the pilot program include:
- nonprofit organizations,
- state or local government agencies or tribal governments applying with a nonprofit organization,
- sites that offer free tax assistance under certain Internal Revenue Service programs, and
- low-income credit unions and community development financial institutions that work with a local community-based organization to address poverty and the needs of community members for economic independence and stability.
HHS must: (1) contract with an independent research organization to evaluate the pilot program, and (2) report annually to Congress on the progress and outcomes of the pilot program.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jul 17, 2018.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-ND | Heidi Heitkamp | Original | Jul 17, 2018 |
| R-IN | Todd Young | Original | Jul 17, 2018 |
| R-AR | Tom Cotton | Original | Jul 17, 2018 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Health, Education, Labor, and Pensions Committee | Referred Jul 17, 2018 |
Actions 2
Everything that happened, newest first.
- Jul 17, 2018Introduced in Senate
- Jul 17, 2018Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1018 | Refund to Rainy Day Savings Act | Reintroduced Bill | Apr 3, 2019 |
| S 2797 | Refund to Rainy Day Savings Act | Reintroduction of | Apr 13, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to establish the Refund to Rainy Day Savings Program.
- Short Titles as Introduced
- Refund to Rainy Day Savings Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 17, 2018Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
