Encouraging Americans to Save Act
- Last Action
- 4/30/2021
Actions
- 2021-04-30Referred to the House Committee on Ways and Means.
- 2021-04-30Introduced in House
- 2021-04-30Introduced in House
CRS Summary
As of 2021-04-30 (00)
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 age 18, excluding dependents and full-time students. Specifically, it allows an enhanced 50% tax credit, up to $3,000, for deductible retirement savings contributions and for IRA contributions.
The bill also directs the Department of the Treasury to establish a permanent program to be known as the MyRA Program to allow individuals or employers to establish a Roth IRA. Treasury must also take steps to increase public awareness of the benefits of this bill and the MyRA Program in particular.
Cosponsors (2)
- Jimmy Panetta (D-CA)
- Terri Sewell (D-AL)
Subjects
- 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
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.