S 5035
116th 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
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 16, 2020
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)
Dec 16, 2020
Introduced in Senate
Plain-English summary
Encouraging Americans to Save Act
This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for lower income individuals. 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 Roth IRAs and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.
What's happening now
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)
Committees of jurisdiction
1