A bill to amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals, and for other purposes.
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.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line