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Tax Refund 'Rainy Day' Savings Program

This act establishes a program allowing citizens to save a portion of their tax refund in a special savings account. These funds are invested and become available after 180 days or earlier for emergencies, helping to build a financial safety net. Additionally, the act supports programs that assist low-income individuals in building savings.
Key points
Ability to defer 20% of tax refund into a special interest-earning savings account.
Access to deferred funds plus interest after 180 days or earlier for early withdrawal.
Support for programs assisting low-income individuals in building savings through matched contributions.
Funds from the program do not affect eligibility for federal and state benefits.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2600
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2021-08-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
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_S_2600.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-04.

What are the main provisions?

Key points include:

  • Ability to defer 20% of tax refund into a special interest-earning savings account.
  • Access to deferred funds plus interest after 180 days or earlier for early withdrawal.
  • Support for programs assisting low-income individuals in building savings through matched contributions.
  • Funds from the program do not affect eligibility for federal and state 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 Sen. Booker, Cory A. [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Benefits Economy