Murray, Collins Introduce Bill to Preserve Critical Savings Option During Tax Season

Press Release

As Americans prepare for tax season, U.S. Senators Patty Murray (D-WA), the top Democrat on the Health, Education, Labor, and Pensions (HELP) Committee, and Susan Collins (R-ME), Chairman of the Aging Committee, today introduced the Save Access to a Valuable Investment Needed to Generate Savings (SAVINGS) Act of 2016. The bipartisan bill would preserve the Tax Time Savings Bond program, which provides taxpayers the option to receive IRS returns in the form of a paper U.S. Savings Bond. This program provides an important savings opportunity, particularly for consumers without a checking account, a savings account, or other type of banking product. Without action, the Tax Time Savings Bond program is set to expire after the 2016 tax season.

"For many, getting a tax return from the IRS can be an opportunity to save," Senator Murray said. "That's why it's important to maintain this option, particularly for people without a bank account or without access to online tools that are often necessary to navigating many financial products."

"U.S. Savings Bonds are an important, low-risk investment option for many individuals," said Senator Collins. "At a time when many are not saving enough, if at all, preserving Americans' ability to receive paper bonds through their tax returns will help individuals, particularly those without bank accounts or Internet access, to set aside necessary funds for future expenses."

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