HR 7418
Encouraging Americans to Save Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Encouraging Americans to Save Act aims to boost retirement savings by providing matching payments for qualified retirement savings contributions and IRA contributions. Specifically, it offers a 50% tax credit, up to $3,000, for these contributions, with the amount of the credit phased out based on an individual’s income. The bill also establishes the MyRA Program, a Treasury-administered Roth IRA option for individuals or employers, designed to increase retirement savings participation. Finally, it directs the Treasury Department to promote awareness of these programs and their benefits.
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