S. 2452 · 117th Congress
Encouraging Americans to Save Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor6 cosponsors · 6 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jul 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.
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 (Jul 22, 2021): Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Policy area: Taxation · Origin: Senate · Introduced: Jul 22, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.