Encouraging Americans to Save Act
Summary
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2021
Committee Review
Floor Vote
President
Introduced Jul 22, 2021
Last action Jul 22, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 22, 2021
Committee
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5053)
upper
Jul 22, 2021
Introduced
Introduced in Senate
upper
1 primary · 6 co-sponsors
Sponsors
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