HR 6562 116th Congress House Taxation Bank accounts, deposits, capital Employee benefits and pensions Income tax deferral Income tax exclusion

SAVERS Act

Introduced: April 24, 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

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Plain-English summary Congressional Research Service

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 April 21, 2020

Referred to the House Committee on Ways and Means.

Bill text 1 version