3.0.0 5035 2023-01-11T13:43:47Z 2023-01-11T13:43:47Z Senate S 2020-12-16 116 ssfi00 Finance Committee Senate Standing Referred to 2020-12-16T22:04:33Z Encouraging Americans to Save Act 116 7418 HR 2020-06-30 Referred to the House Committee on Ways and Means. Related bill CRS 2020-12-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553) IntroReferral 2020-12-16 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2020-12-16 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2020-12-16 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2020-12-16 True C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2020-12-16 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2020-12-16 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2020-12-16 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2020-12-16 True 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 Taxation 00 2020-12-16 Introduced in Senate 2021-02-18T14:28:15Z 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.

]]> Encouraging Americans to Save Act Display Title Encouraging Americans to Save Act Short Title(s) as Introduced Encouraging Americans to Save Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals. Introduced in Senate IS Introduced in Senate 2020-12-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s5035is/xml/BILLS-116s5035is.xml 2020-12-16 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7553) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.