3.0.0 4895 2022-12-31T05:03:58Z 2022-12-31T05:03:58Z House HR 2021-07-30 117 [Congressional Record Volume 167, Number 134 (Friday, July 30, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. OMAR:H.R. 4895.Congress has the power to enact this legislation pursuantto the following:Article I, Section I[Page H4307]]]> hsba00 Financial Services Committee House Standing Referred to 2021-07-30T13:04:05Z hswm00 Ways and Means Committee House Standing Referred to 2021-07-30T13:04:00Z 2021-07-30 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2021-07-30 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-07-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-07-30 Introduced in House IntroReferral 1000 9 Library of Congress O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 N B001224 Rep. Bush, Cori [D-MO-1] Cori Bush D MO 1 2021-07-30 True E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 2021-07-30 True B001223 Rep. Bowman, Jamaal [D-NY-16] Jamaal Bowman D NY 16 2021-07-30 True J000298 Rep. Jayapal, Pramila [D-WA-7] Pramila Jayapal D WA 7 2021-07-30 True C001127 Rep. Cherfilus-McCormick, Sheila [D-FL-20] Sheila Cherfilus-McCormick D FL 20 2022-02-01 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2022-06-24 False Finance and Financial Sector Finance and Financial Sector 00 2021-07-30 Introduced in House 2022-04-08T18:40:40Z Sending Unconditional Payments to People Overcoming Resistances to Triumph Act of 2021 or the SUPPORT Act of 2021

This bill establishes a guaranteed income pilot program and tax credit and provides for bank accounts supported by Federal Reserve banks.

The bill establishes the Office of Guaranteed Income Programs to carry out a five-year guaranteed income pilot program. The pilot program must provide grants through local governments and community development financial institutions for periodic cash payments to eligible individuals. An eligible program must provide cash payments that are not less than $50 per individual and are made on a biweekly, monthly, or quarterly basis.

Additionally, the bill establishes the Guaranteed Income Tax Credit, a refundable income tax credit for individual taxpayers equal to $14,400 plus $600 for each dependent. The amount is reduced for individuals whose adjusted gross income exceeds specified levels. A taxpayer may elect to receive this credit in advance in equal amounts throughout the year.

The bill also requires Federal Reserve member banks to provide bank accounts (FedAccounts) to residents and to businesses domiciled in the United States for purposes of holding digital dollar balances. These accounts must provide specified banking services, including debit cards, online banking, automatic bill pay, and automatic teller machines at U.S. postal facilities. These accounts may not charge fees or have balance requirements and must provide a specified interest rate.

]]> SUPPORT Act of 2021 Official Title as Introduced To direct the Secretary of Treasury to establish a Federal office to oversee local guaranteed income pilots and to implement a national guaranteed income program, and for other purposes. Introduced in House IH Display Title SUPPORT Act of 2021 Short Title(s) as Introduced SUPPORT Act of 2021 Introduced in House IH Short Title(s) as Introduced Sending Unconditional Payments to People Overcoming Resistances to Triumph Act Introduced in House IH Introduced in House 2021-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4895ih/xml/BILLS-117hr4895ih.xml 2021-07-30 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.