H.R.2917 - Financial Security Credit Act of 2013

To promote savings by providing a tax credit for eligible taxpayers who contribute to savings products and to facilitate taxpayers receiving this credit and open a designated savings product when they file their Federal income tax returns. view all titles (2)

All Bill Titles

  • Official: To promote savings by providing a tax credit for eligible taxpayers who contribute to savings products and to facilitate taxpayers receiving this credit and open a designated savings product when they file their Federal income tax returns. as introduced.
  • Short: Financial Security Credit Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/01/13
 
 
 
 
 
 
 

Sponsor

Representative

José Serrano

D-NY

View Co-Sponsors (31)

Official Summary

Financial Security Credit Act of 2013 - Amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50% of the total amount deposited or contributed into designated savings products in a taxable year. Defines \"designated savings products\" as a quali

Official Summary

Financial Security Credit Act of 2013 - Amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50% of the total amount deposited or contributed into designated savings products in a taxable year. Defines \"designated savings products\" as a qualified retirement plan, a qualified tuition plan, a Coverdell education savings account, a U.S. savings bond, a certificate of deposit with a duration of at least 8 months, a savings account, or other savings product considered appropriate by the Secretary of the Treasury. Directs the Internal Revenue Service (IRS) to notify individual taxpayers who may qualify for a savings product tax credit that they have the option of an electronic direct deposit of any portion of their tax refund into a designated savings product.

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