S. 1967 would provide administrative ease and incentives for increased saving by Americans.

== Detailed Summary ==

<summary>
(LogNew Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.

Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to editfinancial institutions to offset the wikicosts of opening electronic transfer accounts; and be(3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.

Requires the firstSecretary to: (1) establish performance measures to provideevaluate the extent to which Americans save and use the federal tax filing process to facilitate savings activities; (2) establish a detailed summaryprogram to support and promote the expansion of access to financial services and development of new financial products and services; (3) convene a federal advisory board to expand access to U.S. savings bonds; and (4) publish an annual report on the bill!)use of qualified tuition programs for paying tuition and other higher education costs.

Requires the Secretary of Health and Human Services to establish a performance measure for the percentage of state benefit recipients who receive benefits by direct deposit into insured bank accounts.

Establishes as a tax-exempt individual retirement account (IRA) a young savers account, to be treated in the same manner as a Roth IRA.

Amends the Internal Revenue Code to: (1) allow tax credits for contributions to qualified tuition programs and Coverdell education savings accounts and for employer contributions to employee payroll savings plans; and (2) impose certain reporting requirements for managers of qualified tuition programs.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 8/2/2007: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Finance.
</status>

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== Points in Favor ==

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== Points Against ==

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