SAVINGS Act
- Last Action
- 2/3/2017
Actions
- 2017-02-03Referred to the House Committee on Ways and Means.
- 2017-02-03Introduced in House
- 2017-02-03Introduced in House
CRS Summary
As of 2017-02-03 (00)
Save Access to a Valuable Investment Needed to Generate Savings Act of 2017 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.
Cosponsors (10)
- ELIJAH CUMMINGS (D-MD)
- Keith Ellison (D-MN)
- Lynn Jenkins (R-KS)
- RICHARD NEAL (D-MA)
- Niki Tsongas (D-MA)
- Daniel Lipinski (D-IL)
- JANICE SCHAKOWSKY (D-IL)
- Raúl Grijalva (D-AZ)
- Derek Kilmer (D-WA)
- MICHAEL CAPUANO (D-MA)
Subjects
- Financial services and investments
- Income tax exclusion
- Interest, dividends, interest rates
- Securities
- State and local taxation
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.