S. 3220: Refund to Rainy Day Savings Act

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S. 3220: Refund to Rainy Day Savings Act

115th Congress · introduced 2018-07-17 · Taxation · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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Official title

Refund to Rainy Day Savings Act

Plain summary

Refund to Rainy Day Savings Act This bill requires the Department of the Treasury to establish and implement a Refund to Rainy Day Savings Program to permit a taxpayer to defer payment on 20% of a tax refund to be deposited into a Treasury account, accumulate interest, and disbursed to the taxpayer in six months. The bill also amends the Assets for Independence Act to reauthorize the Assets for Independence (AFI) federal matched savings program through FY2023 and require appropriations for the program to be reserved for: general research and evaluation, grants for AFI innovation projects to expand the availability of matched savings accounts to low-income individuals, and a three-year pilot program to evaluate savings matches for low-income taxpayers. The Department of Health and Human Services (HHS) must establish a three-year matched savings account pilot program to encourage savings by low-income taxpayers. Under the program, HHS may provide grants to qualified entities to match funds saved by low-income taxpayers under the Refund to Rainy Day Savings Program. Qualified entities for the pilot program include: nonprofit organizations, state or local government agencies or tribal governments applying with a nonprofit organization, sites that offer free tax assistance under certain Internal Revenue Service programs, and low-income credit unions and community development financial institutions that work with a local community-based organization to address poverty and the needs of community members for economic independence and stability. HHS must: (1) contract with an independent research organization to evaluate the pilot program, and (2) report annually to Congress on the progress and outcomes of the pilot program.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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Officials and money

Sponsor: Sen. Booker, Cory A. [D-NJ] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Tom Cotton (R-AR), Todd Young (R-IN)

Sponsor's campaign money: Sen. Booker, Cory A. [D-NJ] reported raising $21.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

• Congressional Research Service summary (Introduced in Senate)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s3220.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>

Record fed-us-cong115-s3220 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115