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.
Financial Security Credit Act of 2015
This bill 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 (financial security credit). A "designated savings product" is 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 eight months, a savings account, or other savings product considered appropriate by the Department of the Treasury.
The Internal Revenue Service must notify individual taxpayers who may qualify for a financial security credit that they have the option of an electronic direct deposit if they deposit any portion of their tax refund into a designated savings product.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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