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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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
08/02/07
 
 
 
 
 
 
 

Official 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 federa

Official 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.

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