3.0.0 4986 2023-05-11T15:45:15Z 2023-05-11T15:45:15Z House HR 2021-08-06 117 [Congressional Record Volume 167, Number 141 (Friday, August 6, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WATSON COLEMAN:H.R. 4986.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by theConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H4321]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-08-06T16:04:25Z Refund to Rainy Day Savings Act 117 2600 S 2021-08-04 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2021-08-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-08-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-08-06 Introduced in House IntroReferral 1000 9 Library of Congress W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 N H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2021-08-06 True T000193 Rep. Thompson, Bennie G. [D-MS-2] BENNIE THOMPSON D MS 2 2021-08-06 True M001208 Rep. McBath, Lucy [D-GA-6] Lucy McBath D GA 6 2021-09-10 False S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 2021-09-23 False M000687 Rep. Mfume, Kweisi [D-MD-7] KWEISI MFUME D MD 7 2021-09-28 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2022-01-12 False Taxation Taxation 00 2021-08-06 Introduced in House 2021-09-21T16:46:03Z Refund to Rainy Day Savings Act

This bill directs the Internal Revenue Service (IRS) to establish and implement the Refund to Rainy Day Savings program (i.e., a program to provide for unexpected expenses) to allow taxpayers to deposit 20% of their income tax refunds into the savings program. The bill sets forth rules for investments in and disbursement from the savings program.

The bill also reauthorizes the Assets for Independence Act for FY2022-FY2026. The IRS may make grants to qualified entities to conduct AFI innovation projects.

The bill directs the Department of Health and Human Services to establish a three-year matched savings account pilot program to encourage savings by participants in the savings program.

]]> Refund to Rainy Day Savings Act Official Title as Introduced To establish the Refund to Rainy Day Savings Program. Introduced in House IH Display Title Refund to Rainy Day Savings Act Short Title(s) as Introduced Refund to Rainy Day Savings Act Introduced in House IH Introduced in House 2021-08-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4986ih/xml/BILLS-117hr4986ih.xml 2021-08-06 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.