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114-hr-4236114th Congress

Financial Security Credit Act of 2015

Sponsored By: Representative JOSE SERRANO

Unknown

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

JOSE SERRANO

NY • D

Cosponsors

  • JOSEPH CROWLEY

    NY • D

    Sponsored 12/10/2015

  • Rep. Ellison, Keith [D-MN-5]

    MN • D

    Sponsored 12/10/2015

  • RUBEN HINOJOSA

    TX • D

    Sponsored 12/10/2015

  • Rep. Meng, Grace [D-NY-6]

    NY • D

    Sponsored 12/10/2015

  • Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large]

    PR • D

    Sponsored 12/10/2015

  • Rep. Cartwright, Matt [D-PA-8]

    PA • D

    Sponsored 12/10/2015

  • RICHARD NOLAN

    MN • D

    Sponsored 12/10/2015

  • Rep. DeLauro, Rosa L. [D-CT-3]

    CT • D

    Sponsored 12/10/2015

  • Rep. Vargas, Juan [D-CA-52]

    CA • D

    Sponsored 12/10/2015

  • Rep. Roybal-Allard, Lucille [D-CA-40]

    CA • D

    Sponsored 12/10/2015

  • Rep. Lujan Grisham, Michelle [D-NM-1]

    NM • D

    Sponsored 12/10/2015

  • Sen. Luján, Ben Ray [D-NM]

    NM • D

    Sponsored 12/10/2015

  • Rep. Jeffries, Hakeem S. [D-NY-8]

    NY • D

    Sponsored 12/10/2015

  • Rep. Clarke, Yvette D. [D-NY-9]

    NY • D

    Sponsored 12/10/2015

  • Rep. Velázquez, Nydia M. [D-NY-7]

    NY • D

    Sponsored 12/10/2015

  • Rep. Hastings, Alcee L. [D-FL-20]

    FL • D

    Sponsored 12/10/2015

  • Rep. Richmond, Cedric L. [D-LA-2]

    LA • D

    Sponsored 5/10/2016

Roll Call Votes

No roll call votes available for this bill.

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