S 5035
Encouraging Americans to Save Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Encouraging Americans to Save Act aims to boost retirement savings for lower-income individuals by offering a matching contribution program. It provides a 50% tax credit, up to $2,000, for qualified retirement savings contributions and IRA contributions. The bill also establishes the R-Bond Program, a permanent Roth IRA program managed by the IRS, and provides guidance to taxpayers on utilizing these savings programs. The program is designed to incentivize saving and improve financial security for eligible individuals.
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