HR 6562
116th Congress
House
Taxation
Bank accounts, deposits, capital
Employee benefits and pensions
Income tax deferral
Income tax exclusion
SAVERS Act
Introduced: April 21, 2020
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 21, 2020
Referred to the House Committee on Ways and Means.
Apr 21, 2020
Introduced in House
Plain-English summary
Securing Additional Value for Every Retirement Saver Act or the SAVERS Act
This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1