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Booker, Moran Introduce Bill Empowering Taxpayers to Defer Refund for Rainy Day Savings

U.S. Sens. Cory Booker (D-N.J.) and Jerry Moran (R-Kan.) introduced the Refund to Rainy Day Savings Act, a bipartisan proposal that would enable Americans to more easily build emergency savings during tax season by allowing tax filers to defer/save a portion of their refund for a “rainy day” later in the year.

The bill also includes provisions to create a series of federal pilot programs to explore the potential of matched-savings initiatives at tax time. The Asset Building Program successfully lobbied to expand the pool of potential savers to include all filers who have a refund delivered via direct deposit.