Section 1 Short title
This Act may be cited as the “Save Access to a Valuable Investment Needed to Generate Savings Act of 2017” or the “SAVINGS Act”.
Save Access to a Valuable Investment Needed to Generate Savings Act of 2017
A BILL
To amend title 31, United States Code, to require the Secretary of the Treasury to provide for the purchase of paper United States savings bonds with tax refunds.
Sec. 2 Purchase paper United States savings bonds with tax refund
Section 3106 of title 31, United States Code, is amended by adding at the end the following:
“(d) The Secretary shall—
“(1) provide an option on the individual return of tax under subtitle A of the Internal Revenue Code of 1986 to use a portion or all of a refund of overpayment of such tax to purchase United States savings bonds in paper form for the taxpayer or any individual designated by the taxpayer; or
“(2) provide an option on such return of tax that—
“(A) allows for the gifting of United States savings bonds to any individual designated by the taxpayer; and
“(B) serves the unbanked (within the meaning of section 49 of the Federal Deposit Insurance Act (12 U.S.C. 1831z)) and individuals who lack access to the Internet.”