Encouraging Americans to Save Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Dec 16, 2020)
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 just happenedDec 16, 2020
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)
Who’s behind it
- Introduced in SenateDec 16, 2020
- Dec 16, 2020IntroReferral
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553)
Finance Committee - Dec 16, 2020IntroReferral10000
Introduced in Senate