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Retirement Security Act of 2001

1/16/2023, 2:48 PM

Congressional Summary of HR 1498

Retirement Security Act of 2001 - Amends the Internal Revenue Code to: (1) allow an individual a tax credit of up to $2,000 for qualified retirement savings contributions; (2) allow an eligible small employer a pension plan startup cost credit of up to $1,000 for the first year and $500 for each of the following two years; and (3) allow an eligible small employer a limited small employer pension plan contribution credit.

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Current Status of Bill HR 1498

Bill HR 1498 is currently in the status of Bill Introduced since April 4, 2001. Bill HR 1498 was introduced during Congress 107 and was introduced to the House on April 4, 2001.  Bill HR 1498's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 1498

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
6
Democrat Cosponsors
6
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1498

Primary Policy Focus

Taxation

Potential Impact Areas

- Business income tax
- Commerce
- Income tax
- Individual retirement accounts
- Labor and Employment
- Pension funds
- Personal income tax
- Small business
- Tax credits
- Tax refunds
- Tax-deferred compensation plans

Alternate Title(s) of Bill HR 1498

Retirement Security Act of 2001
To amend the Internal Revenue Code of 1986 to allow individuals a refundable credit for elective deferrals and IRA contributions and to allow small employers credits for pension plan startup costs and for pension plan contributions.
Retirement Security Act of 2001

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