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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.
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Status:
Expired
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Additional Information
Print number: 117_S_2600
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2021-08-04
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Benefits Economy