[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2478 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 2478

To amend title 31, United States Code, to require the Secretary of the 
  Treasury to provide for the purchase of paper United States savings 
                        bonds with tax refunds.


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                   IN THE SENATE OF THE UNITED STATES

                            February 2, 2016

 Mrs. Murray (for herself, Ms. Collins, Mr. Moran, Mrs. McCaskill, and 
   Mr. King) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend title 31, United States Code, to require the Secretary of the 
  Treasury to provide for the purchase of paper United States savings 
                        bonds with tax refunds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Save Access to a Valuable Investment 
Needed to Generate Savings Act of 2016'' or the ``SAVINGS Act''.

SEC. 2. PURCHASE PAPER UNITED STATES SAVINGS BONDS WITH TAX REFUND.

    Section 3106 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(d) The Secretary shall--
            ``(1) provide an option on the individual return of tax 
        under subtitle A of the Internal Revenue Code of 1986 to use a 
        portion or all of a refund of overpayment of such tax to 
        purchase United States savings bonds in paper form for the 
        taxpayer or any individual designated by the taxpayer; or
            ``(2) provide an option on such return of tax that--
                    ``(A) allows for the gifting of United States 
                savings bonds to any individual designated by the 
                taxpayer; and
                    ``(B) serves the unbanked (within the meaning of 
                section 49 of the Federal Deposit Insurance Act (12 
                U.S.C. 1831z)) and individuals who lack access to the 
                Internet.''.
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