PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in Senate · Aug 2, 2007
New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.
Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to financial institutions to offset the costs of opening electronic transfer accounts; and (3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.
Requires the Secretary to: (1) establish performance measures to evaluate the extent to which Americans save and use the federal tax filing process to facilitate savings activities; (2) establish a program to support and promote the expansion of access to financial services and development of new financial products and services; (3) convene a federal advisory board to expand access to U.S. savings bonds; and (4) publish an annual report on the use of qualified tuition programs for paying tuition and other higher education costs.
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Requires the Secretary of Health and Human Services to establish a performance measure for the percentage of state benefit recipients who receive benefits by direct deposit into insured bank accounts.
Establishes as a tax-exempt individual retirement account (IRA) a young savers account, to be treated in the same manner as a Roth IRA.
Amends the Internal Revenue Code to: (1) allow tax credits for contributions to qualified tuition programs and Coverdell education savings accounts and for employer contributions to employee payroll savings plans; and (2) impose certain reporting requirements for managers of qualified tuition programs.
People & committees
Sen. Clinton, Hillary Rodham [D-NY] · D–NY
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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