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S 3636 115th Congress Senate Taxation Bank accounts, deposits, capital Congressional oversight Employee benefits and pensions Government information and archives Income tax credits Income tax deferral Inflation and prices Securities Tax administration and collection, taxpayers

Encouraging Americans to Save Act

Introduced: November 15, 2018 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 15, 2018
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)
Nov 15, 2018
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now November 15, 2018

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3