S. 3636 · 115th Congress
Encouraging Americans to Save Act
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Never voted on. It didn't reach a floor vote before the 115th 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 replaces the existing saver's tax credit for certain individuals who contribute to retirement accounts with federal matching payments.
What it does: CRS summary · Introduced in Senate · Nov 15, 2018
Encouraging Americans to Save Act
This bill replaces the existing saver's tax credit for certain individuals who contribute to retirement accounts with federal matching payments. For individuals with incomes that do not exceed specified levels, the bill requires the federal government to provide matching contributions equal to 50% of up to $1,000 in annual contributions to retirement accounts.
The bill also requires the Department of the Treasury to reestablish the MyRA program, which is a program that establishes and maintains Roth Individual Retirement Accounts for individuals. The investments in the accounts are limited to retirement savings bonds issued by Treasury.
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 (Nov 15, 2018): Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)
Policy area: Taxation · Origin: Senate · Introduced: Nov 15, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.