US HB4236 | 2015-2016 | 114th Congress
Status
Spectrum: Strong Partisan Bill (Democrat 17-1)
Status: Introduced on December 10 2015 - 25% progression, died in committee
Action: 2015-12-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on December 10 2015 - 25% progression, died in committee
Action: 2015-12-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Financial Security Credit Act of 2015
Sponsors
Rep. Jose Serrano [D-NY] | Rep. Joseph Crowley [D-NY] | Rep. Keith Ellison [D-MN] | Rep. Ruben Hinojosa [D-TX] |
Rep. Grace Meng [D-NY] | Rep. Pedro Pierluisi [N-PR] | Rep. Matthew Cartwright [D-PA] | Rep. Richard Nolan [D-MN] |
Rep. Rosa DeLauro [D-CT] | Rep. Juan Vargas [D-CA] | Rep. Lucille Roybal-Allard [D-CA] | Rep. Michelle Lujan Grisham [D-NM] |
Sen. Ben Lujan [D-NM] | Rep. Hakeem Jeffries [D-NY] | Rep. Yvette Clarke [D-NY] | Rep. Nydia Velazquez [D-NY] |
Rep. Alcee Hastings [D-FL] | Rep. Cedric Richmond [D-LA] |
History
Date | Chamber | Action |
---|---|---|
2015-12-10 | House | Referred to the House Committee on Ways and Means. |
2015-12-10 | House | Introduced in House |
Subjects
Employee benefits and pensions
Government information and archives
Income tax credits
Income tax exclusion
Securities
Student aid and college costs
Tax administration and collection, taxpayers
Taxation
Government information and archives
Income tax credits
Income tax exclusion
Securities
Student aid and college costs
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/4236/all-info |
Text | https://www.congress.gov/114/bills/hr4236/BILLS-114hr4236ih.pdf |