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H.R. 4236

BillFederalHouseIn Committee
Financial Security Credit Act of 2015
About This Bill
Committee
Latest Action · December 10, 2015
Referred to the House Committee on Ways and Means.
Congress
114th (2015–2017)
Introduced
December 10, 2015
Cosponsors (17)
17D 0R
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Summary

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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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