Financial Security Credit Act of 2015

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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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 December 2015

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• Introduced in House (PDF)

  Introduced in House · EN · 10 December 2015

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• Introduced in House

  summary · EN · 10 December 2015

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