0
0
0
Encouraging Americans to Save Act
2/8/2022, 11:16 PM
Congressional Summary of HR 7418
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 age 18, excluding dependents and full-time students. Specifically, it allows an enhanced 50% tax credit, up to $3,000, for deductible retirement savings contributions and for IRA contributions.
The bill also directs the Department of the Treasury to establish a permanent program to be known as the MyRA Program to allow individuals or employers to establish a Roth IRA. Treasury must also take steps to increase public awareness of the benefits of this bill and the MyRA Program in particular.
Read the Full Bill
Current Status of Bill HR 7418
Bill HR 7418 is currently in the status of Bill Introduced since June 30, 2020. Bill HR 7418 was introduced during Congress 116 and was introduced to the House on June 30, 2020. Bill HR 7418's most recent activity was Referred to the House Committee on Ways and Means. as of June 30, 2020
Bipartisan Support of Bill HR 7418
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7418
Primary Policy Focus
TaxationPotential Impact Areas
- Bank accounts, deposits, capital
- Congressional oversight
- Employee benefits and pensions
- Government information and archives
- Income tax credits
- Income tax deferral
- Inflation and prices
- Securities
- Tax administration and collection, taxpayers
Alternate Title(s) of Bill HR 7418
Encouraging Americans to Save Act
To amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals.
Encouraging Americans to Save Act
Comments
Sponsors and Cosponsors of HR 7418
Latest Bills
Reorganizing Government Act of 2025
Bill HR 1295February 14, 2026
ELO Realignment and Strategic Engagement Reform Act of 2026
Bill HR 7574February 14, 2026
Farm, Food, and National Security Act of 2026
Bill HR 7567February 14, 2026
Expressing the condolences of the House of Representatives and honoring the memory of the victims of the mass shooting in Aurora, Illinois, on February 15, 2019.
Bill HRES 1066February 14, 2026
Condemning and censuring President Donald Trump.
Bill HRES 1065February 14, 2026
To amend the Internal Revenue Code of 1986 to exclude automobiles from being treated as collectibles for purposes of capital gains tax, and for other purposes.
Bill HR 7582February 14, 2026
To allow Americans to earn paid sick time so that they can address their own health needs and the health needs of their families.
Bill HR 7531February 14, 2026
To address the needs of workers in industries likely to be impacted by rapidly evolving technologies.
Bill HR 7585February 14, 2026
To amend the Food, Conservation, and Energy Act of 2008 with respect to the Gus Schumacher Nutrition Incentive Program and the sustainability of such program, and for other purposes.
Bill HR 7571February 14, 2026
Supporting the goals and ideals of "Career and Technical Education Month".
Bill HRES 1063February 14, 2026