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S 2452 117th 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: July 22, 2021 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
Jul 22, 2021
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Jul 22, 2021
Introduced in Senate
 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 individuals who have attained the age of 18 years, excluding taxpayer dependents. 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 individual retirement plans and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.

What's happening now July 22, 2021

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4