S. 2492 · 114th Congress
Encouraging Americans to Save Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor5 cosponsors · 5 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to expand the tax credit for retirement savings contributions to: (1) make such credit refundable; (2) allow individual taxpayers (excluding dependents and full-time students) who have attained age 18 as of the close of the taxable year a credit for 50% of their retirement savings contributions up to $1,000; (3)…
What it does: CRS summary · Introduced in Senate · Feb 3, 2016
Encouraging Americans to Save Act
This bill amends the Internal Revenue Code to expand the tax credit for retirement savings contributions to: (1) make such credit refundable; (2) allow individual taxpayers (excluding dependents and full-time students) who have attained age 18 as of the close of the taxable year a credit for 50% of their retirement savings contributions up to $1,000; (3) increase the maximum income threshold for determining eligibility for the credit; and (4) allow direct deposit of credit amounts into the taxpayer's retirement savings vehicle (e.g., MyRA or Roth IRA account).
The Department of the Treasury shall educate taxpayers on the benefits of the credit for retirement savings contributions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Encouraging Americans to Save Act
Latest action (Feb 3, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 3, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.