Legis Daily

SAVERS Act

USA116th CongressHR-6562| House 
| Updated: 4/21/2020
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (11)
David Kustoff (Republican)Peter T. King (Republican)Steve Stivers (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Denver Riggleman (Republican)Michael T. McCaul (Republican)Ron Wright (Republican)Debbie Lesko (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Securing Additional Value for Every Retirement Saver Act or the SAVERS Act This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.
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Timeline
Apr 21, 2020
Introduced in House
Apr 21, 2020
Referred to the House Committee on Ways and Means.
  • April 21, 2020
    Introduced in House


  • April 21, 2020
    Referred to the House Committee on Ways and Means.

Taxation

Bank accounts, deposits, capitalEmployee benefits and pensionsIncome tax deferralIncome tax exclusion

SAVERS Act

USA116th CongressHR-6562| House 
| Updated: 4/21/2020
Securing Additional Value for Every Retirement Saver Act or the SAVERS Act This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 21, 2020
Introduced in House
Apr 21, 2020
Referred to the House Committee on Ways and Means.
  • April 21, 2020
    Introduced in House


  • April 21, 2020
    Referred to the House Committee on Ways and Means.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (11)
David Kustoff (Republican)Peter T. King (Republican)Steve Stivers (Republican)Daniel Meuser (Republican)Ann Wagner (Republican)Denver Riggleman (Republican)Michael T. McCaul (Republican)Ron Wright (Republican)Debbie Lesko (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bank accounts, deposits, capitalEmployee benefits and pensionsIncome tax deferralIncome tax exclusion