WASHINGTON – In an effort to help Kansans as they prepare for tax season, U.S. Senator Jerry Moran (R-Kan.) sponsored legislation today – The Save Access to a Valuable Investment Needed to Generate Savings (SAVINGS) Act of 2016 (S.2478) – introduced by U.S. Senators Patty Murray (D-Wash.) and Susan Collins (R-Maine) to preserve the Tax Time Savings Bond program. The program provides taxpayers the option to receive IRS returns in the form of a paper U.S. Savings Bond and is an important savings opportunity, particularly for consumers without a checking account, a savings account, or other type of banking product.
“Savings are a critical component of financial security and upward mobility,” Sen. Moran said. “The SAVINGS Act reinforces an important existing avenue for Kansans to save and invest their tax refunds. The Tax-Time Savings Bond Program is one of many tools Congress can support to ease the path to saving for Americans of every income level.”
Without action, the Tax Time Savings Bond program is set to expire after the 2016 tax season. The SAVINGS Act would require the U.S. Treasury Department to continue to provide an option on the IRS tax form for consumers to use some or all of their tax return to purchase a U.S. Savings Bond in paper form, for either themselves or a designated recipient.