Skip to main content
S 2492 114th Congress Senate Taxation Bank accounts, deposits, capital Employee benefits and pensions Income tax credits Income tax deferral

Encouraging Americans to Save Act

Introduced: February 3, 2016 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 2016
Read twice and referred to the Committee on Finance.
Feb 3, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now February 3, 2016

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2