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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

Introduced: December 16, 2020 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Plain-English summary Congressional Research Service

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 December 16, 2020

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)

 Related & companion bills 1
  • HR 7418 Related bill Encouraging Americans to Save Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 5
D
Bennet, Michael F.
Colorado · Dec 16, 2020
 D
Cortez Masto, Catherine
Nevada · Dec 16, 2020
 D
Durbin, Richard J.
Illinois · Dec 16, 2020
 D
Klobuchar, Amy
Minnesota · Dec 16, 2020
 D
Murray, Patty
Washington · Dec 16, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 5035: Encouraging Americans to Save Act. 116th Congress. Open America. https://openamerica.io/bill/116-S-5035/
MLA
"S. 5035: Encouraging Americans to Save Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-5035/.
Bluebook (legal)
S. 5035, 116th Cong. (2026), https://openamerica.io/bill/116-S-5035/.
Markdown link
[S. 5035: Encouraging Americans to Save Act](https://openamerica.io/bill/116-S-5035/)
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