H.R.4236 - Financial Security Credit Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Serrano, Jose E. [D-NY-15] (Introduced 12/10/2015)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 12/10/2015 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.4236 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (12/10/2015)
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.