3.0.0 4236 2023-01-11T13:32:28Z 2023-01-11T13:32:28Z House HR 2015-12-10 114 [Congressional Record Volume 161, Number 179 (Thursday, December 10, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SERRANO:H.R. 4236.Congress has the power to enact this legislation pursuantto the following:Congress has the power to enact this legislation pursuantto Article I, Section 8, Clause 1 of the Constitution, whichstates that that ``The Congress shall have power to lay andcollect taxes, duties, imposts and excises . . .'' Inaddition, this legislation is introduced pursuant to ArticleI, Section 8, Clause 18 of the Constitution, which statesthat Congress shall have the power ``to make all laws whichshall be necessary and proper for carrying into execution theforegoing powers, and all other powers vested by thisConstitution in the government of the United States, or inany department or officer thereof.''____________________[Page H9271]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-12-10T15:02:15Z 2015-12-10 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-12-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-12-10 Introduced in House IntroReferral 1000 9 Library of Congress S000248 Rep. Serrano, Jose E. [D-NY-15] JOSE SERRANO D NY E. 15 N C001038 Rep. Crowley, Joseph [D-NY-14] JOSEPH CROWLEY D NY 14 2015-12-10 True E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2015-12-10 True H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2015-12-10 True M001188 Rep. Meng, Grace [D-NY-6] Grace Meng D NY 6 2015-12-10 True P000596 Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large] Pedro Pierluisi D PR R. 0 2015-12-10 True C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 2015-12-10 True N000127 Rep. Nolan, Richard M. [D-MN-8] RICHARD NOLAN D MN 8 2015-12-10 True D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2015-12-10 True V000130 Rep. Vargas, Juan [D-CA-51] Juan Vargas D CA 51 2015-12-10 True R000486 Rep. Roybal-Allard, Lucille [D-CA-40] LUCILLE ROYBAL-ALLARD D CA 40 2015-12-10 True L000580 Rep. Lujan Grisham, Michelle [D-NM-1] Michelle Lujan Grisham D NM 1 2015-12-10 True L000570 Rep. Lujan, Ben Ray [D-NM-3] Ben Lujan D NM R. 3 2015-12-10 True J000294 Rep. Jeffries, Hakeem S. [D-NY-8] Hakeem Jeffries D NY S. 8 2015-12-10 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2015-12-10 True V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 2015-12-10 True H000324 Rep. Hastings, Alcee L. [D-FL-20] ALCEE HASTINGS D FL L. 20 2015-12-10 True R000588 Rep. Richmond, Cedric L. [D-LA-2] Cedric Richmond D LA L. 2 2016-05-10 False Taxation 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 00 2015-12-10 Introduced in House 2016-02-11T23:03:18Z 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.

]]> Financial Security Credit Act of 2015 Display Title Financial Security Credit Act of 2015 Official Title as Introduced 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. Introduced in House IH Short Titles as Introduced Financial Security Credit Act of 2015 Introduced in House 2015-12-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4236ih/xml/BILLS-114hr4236ih.xml 2015-12-10 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.