U.S. Congress - S.1967 New Savers Act
S.1967 - New Savers Act
A bill to provide administrative ease and incentives for increased saving by Americans, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to provide administrative ease and incentives for increased saving by Americans, and for other purposes. as introduced.
- Short: New Savers Act as introduced.
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Official Summary
8/2/2007--Introduced.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 whenOfficial Summary
8/2/2007--Introduced.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.
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Recent Blog Coverage
New Saverâs Act (S. 1967)
The New Saver's Act would introduce a series of new, innovative and low-cost initiatives to increase access to financial services and savings for all Americans. Specifically, these initiatives would facilitate access to financial ...
S. 1967, A bill to provide administrative ease and incentives for ...
S. 1967 would provide administrative ease and incentives for increased saving by Americans....
Bill Action: Introduced: S. 1967: A bill to provide administrative ...
Sen. Hillary Clinton [D-NY] introduced S. 1967: A bill to provide administrative ease and incentives for increased saving by Americans, and for other purposes. [This event matched these trackers: Introduced Legislation ]
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