H.R. 4986: Refund to Rainy Day Savings Act

117th Congress · introduced 2021-08-06 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2021-08-06 · official record
Who proposed it: Rep. Watson Coleman, Bonnie [D-NJ-12] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Refund to Rainy Day Savings Act

Plain summary

Refund to Rainy Day Savings Act This bill directs the Internal Revenue Service (IRS) to establish and implement the Refund to Rainy Day Savings program (i.e., a program to provide for unexpected expenses) to allow taxpayers to deposit 20% of their income tax refunds into the savings program. The bill sets forth rules for investments in and disbursement from the savings program. The bill also reauthorizes the Assets for Independence Act for FY2022-FY2026. The IRS may make grants to qualified entities to conduct AFI innovation projects. The bill directs the Department of Health and Human Services to establish a three-year matched savings account pilot program to encourage savings by participants in the savings program.

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

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Refund to Rainy Day Savings Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Watson Coleman, Bonnie [D-NJ-12] · 6 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

J. French Hill (R-AR), Bennie G. Thompson (D-MS), Lucy McBath (D-GA), David Schweikert (R-AZ), Kweisi Mfume (D-MD), Eleanor Holmes Norton (D-DC)

Sponsor's campaign money: Rep. Watson Coleman, Bonnie [D-NJ-12] reported raising $955,740 (2023–2024). 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.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117hr4986.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr4986 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117