[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8579 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 8579
To increase retirement savings, simplify and clarify retirement plan
rules, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 28, 2022
Mr. Schweikert (for himself and Mr. Donalds) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To increase retirement savings, simplify and clarify retirement plan
rules, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Retirement Protection Act of 2022''.
SEC. 2. ENHANCEMENT OF SAVER'S CREDIT.
(a) 50 Percent Credit Rate.--Section 25B(a) of the Internal Revenue
Code of 1986 is amended by striking ``the applicable percentage'' and
inserting ``50 percent''.
(b) Adjusted Gross Income Phaseouts.--Section 25B(b) of such Code
is amended to read as follows:
``(b) Limitation.--For purposes of this section--
``(1) In general.--The amount of credit allowable under
subsection (a) (determined without regard to this subsection)
shall be reduced (but not below zero) by an amount which bears
the same ratio to the credit otherwise so allowable as--
``(A) the excess (if any) of--
``(i) adjusted gross income of the
taxpayer, over
``(ii) the threshold amount, bears to
``(B) the phaseout amount.
``(2) Threshold amount.--The term `threshold amount'
means--
``(A) in the case of a joint return or a surviving
spouse (as defined in section 2(a)), $48,000,
``(B) in the case of a head of household, 75
percent of the amount in effect for the taxable year
under subparagraph (A), and
``(C) in the case of any other individual, 50
percent of the amount in effect for the taxable year
under subparagraph (A).
``(3) Phaseout amount.--The term `phaseout amount' means--
``(A) in the case of a joint return or a surviving
spouse (as defined in 2(a)), $35,000,
``(B) in the case of a head of household (as
defined in section 2(b)), 75 percent of the amount in
effect for the taxable year under subparagraph (A), and
``(C) in the case of any other individual, 50
percent of the amount in effect for the taxable year
under subparagraph (A).
``(4) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning in a calendar year after 2023, the $48,000
dollar amount in paragraph (2) and the $35,000 in
paragraph (3) shall each be increased by an amount
equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year in which the taxable year begins,
determined by substituting `calendar year 2022'
for `calendar year 2016' in subparagraph
(A)(ii) thereof.
``(B) Rounding.--Any increase determined under
subparagraph (A) that is not a multiple of $500 shall
be rounded to the nearest multiple of $500.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
SEC. 3. TEMPORARY INCREASE IN RETIREMENT CONTRIBUTION LIMITS.
(a) Defined Contribution Plans.--In the case of the first taxable
year of an individual ending after the date of the enactment of this
Act--
(1) Elective deferrals.--The applicable dollar amount for
elective deferrals under section 402(g) of the Internal Revenue
Code of 1986, and any dollar limitation determined by reference
thereto, shall be increased by $4,000.
(2) 457 plans.--The applicable dollar amount under section
457(e)(15)(A) of such Code with respect to an eligible deferred
compensation plan (as defined in section 457(b) of such Code)
shall be increased by $4,000.
(b) Individual Retirement Accounts.--In the case of the first
taxable year of an individual ending after the date of the enactment of
this Act--
(1) In general.--The deductible amount under section
219(b)(1)(A) of such Code shall be increased by $4,000. For
purposes of such Code, the preceding sentence shall be taken
into account in determining the maximum amount allowable as a
deduction under section 219.
(2) Simple retirement accounts.--In the case of elective
employer contributions to a simple retirement account (as
defined in section 408(p) of such Code), the applicable dollar
amount under paragraph (2)(E) thereof shall increased by
$4,000.
(c) Certain Contributions Made After Close of Taxable Year.--In the
case of a contribution--
(1) which is made after the first taxable year of an
individual ending after the date of the enactment of this Act,
and before the 15th day of the fourth month following the close
of such taxable year, and
(2) to which subsection (b) would apply were such
contribution made before the end of such first taxable year,
the taxpayer may elect to treat such contribution as made during such
taxable year for purposes of this section.
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