Encouraging Americans to Save Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 22, 2021)
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 just happenedJul 22, 2021
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Who’s behind it
- Introduced in SenateJul 22, 2021
- Jul 22, 2021IntroReferral
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
Finance Committee - Jul 22, 2021IntroReferral10000
Introduced in Senate