S. 3338 · 114th Congress
Small Business Employee Retirement Savings Act of 2016
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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.
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BurrSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to modify the tax treatment of retirement plans for small employers with no more than 100 employees.
What it does: CRS summary · Introduced in Senate · Sep 15, 2016
Small Business Employee Retirement Savings Act of 2016
This bill amends the Internal Revenue Code to modify the tax treatment of retirement plans for small employers with no more than 100 employees. The bill: (1) increases from $500 to $5,000 the limit on the amount of the tax credit for small employer pension plan startup costs, and (2) allows a three-year $500 business-related tax credit for small employers that include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan.
The bill also removes the 10% cap on the amount of an employee's wages that an employer may contribute to a retirement plan under an automatic contribution arrangement.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Employee Retirement Savings Act of 2016
Latest action (Sep 15, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 15, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.