Encouraging Americans to Save Act
USA117th CongressS-2452| Senate
| Updated: 7/22/2021
Ron Wyden
Democratic Senator
Oregon
Cosponsors (6)
Finance Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for individuals who have attained the age of 18 years, excluding taxpayer dependents. Specifically, it allows an enhanced 50% tax credit, up to $2,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Internal Revenue Service (IRS) to establish the R-Bond Program as a permanent program for the establishment and maintenance of individual retirement plans and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Taxation
Bank accounts, deposits, capitalCongressional oversightEmployee benefits and pensionsGovernment information and archivesIncome tax creditsIncome tax deferralInflation and pricesSecuritiesTax administration and collection, taxpayers
Encouraging Americans to Save Act
USA117th CongressS-2452| Senate
| Updated: 7/22/2021
Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for individuals who have attained the age of 18 years, excluding taxpayer dependents. Specifically, it allows an enhanced 50% tax credit, up to $2,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Internal Revenue Service (IRS) to establish the R-Bond Program as a permanent program for the establishment and maintenance of individual retirement plans and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Ron Wyden
Democratic Senator
Oregon
Cosponsors (6)
Finance Committee
Taxation
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Bank accounts, deposits, capitalCongressional oversightEmployee benefits and pensionsGovernment information and archivesIncome tax creditsIncome tax deferralInflation and pricesSecuritiesTax administration and collection, taxpayers