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New Option to Save Part of Your Tax Refund

This act creates a program allowing citizens to set aside 20% of their tax refund into a special savings fund. This money, plus a small amount of interest, will be automatically paid out after 6 months or earlier upon request, helping build financial security. Additionally, a pilot program is planned to offer matching funds for these savings for lower-income individuals.
Key points
You can voluntarily set aside 20% of your tax refund into a special account.
The saved money will earn a small amount of interest and be paid out after 180 days or earlier if you need it.
A pilot program is planned that may add extra money to your tax refund savings if you meet income requirements.
Money received from this program will not affect your eligibility for other federal benefits.
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Additional Information
Print number: 117_HR_4986
Sponsor: Rep. Watson Coleman, Bonnie [D-NJ-12]
Process start date: 2021-08-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Refund to Rainy Day Savings Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4986.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-08-06.

What are the main provisions?

Key points include:

  • You can voluntarily set aside 20% of your tax refund into a special account.
  • The saved money will earn a small amount of interest and be paid out after 180 days or earlier if you need it.
  • A pilot program is planned that may add extra money to your tax refund savings if you meet income requirements.
  • Money received from this program will not affect your eligibility for other federal benefits.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Watson Coleman, Bonnie [D-NJ-12].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Benefits